Buzzi Unicem — Investor Presentation 2021

Aug 3, 2021

Executive Summary

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

H1 21 Highlights

H1 2021 – Cement and Ready-mix volumes variance

Trading by geographical region – Italy and USA

l I t a y	E U Rm	1 2 1 H	1 2 0 H	% D	l f l % D
de d, dr ive by i de ia l io d b l ic ks S tro t t  ng m an n re s n re no va n an p u wo r	les Ne Sa t	3 0 5. 6	2 2 0. 8	3 8. 4 +	-
f fe i ive lu d ice Po t t:  s vo m e a n p r e c	E B I T D A	3 2. 7	8. 8	1 0 0 >	-
Ce 3 1. 8 % d 2 0 2 0 t to + m en co m p ar e - dy Re ix ( 4 2. 3 % 2 0 2 0 ) tro + a -m ev en s ng er vs - fo Fa b le d l l ing ice tre vo ra n r s e p r s -	E B I T D A in ( % ) ma rg	1 0. 7	4. 0	-
ly, de h he E B I T D A i ig E B I T D A in tro te ts. g re s ng sp en er g co s m ar g  w r y ha do b le d t m or e n u
f i d i U S A t t t n e a e s o m e c a r	E U Rm	H 1 2 1	H 1 2 0	% D	l f l % D
d ha be dr by he de l De in H 1, ive i ia tro t t to  m an s en s ng n re s n se c r	Sa les Ne t	9 9. 0 5	6 1 1. 6	-2 1	1 7. +
lu de i ba d he d i io in Ce ( 6. 8 % ) t te t t  m en vo m es up + sp we a r co n ns	E B I T D A	1 8 1. 6	1 8 0. 1	0. 8 +	1 0. 3 +
i ive ian in ice ha be b le f fse h ig he M / Ju t to t ay ne ; p os va r ce p r s s en a o r ts en er g y co s	in E B I T D A ( % ) ma rg	3 0. 3	2 9. 4
ive im fro les d Ne F X Ne (- 5 6. 2 €m ) E B I T D A (- 1 7. 0 €m ) t t t s  g a p ac m on a an
f 1 0. 3 % l l d in bo 3 0 % E B I T D A E B I T D A  + an m ar g a ve

Trading by geographical region – Central and Eastern Europe

l C E t e n r a u r o p e	E U Rm	H 1 2 1	H 1 2 0	% D	f l l % D
f d dy lum du dv he So ix t t to t  ce m en an re a -m vo es e a er se we a r	Sa les Ne t	2 8. 4 5	1 6. 3 4	2. 9 +	-
d fo bo i io in Ge (- 2. 2 % ). Po i ive in Lu t t co n ns rm an y s p er rm an ce xe m ur g.	E B I T D A	6 7. 5	5 8. 2	1 6. 0 +	-
b le d fo l l ing ice icu lar ly in Fa Ge tre t  vo ra n r s e p r s, p ar rm an y ig he H ts  r p ow er co s	in E B I T D A ( % ) ma rg	1 5. 7	1 4. 0
d in 1 1 €m in 1 No C O2 H 2 ( 8. 8 H 2 0 ) t te  co s ac co un
E E t a s e r n u r o p e	E U Rm	1 2 1 H	1 2 0 H	% D	l f l % D
l i d de d fo d dy ix, in lan d l ig h ly k So Po ( t t t  m an r c em en an re a m ex ce p s we a	les Ne Sa t	2 7 8. 3	2 7 3. 9	1. 6 +	1 0. 5 +
du ba d he d i io ) to t t e we a r co n ns	E B I T D A	7 0. 4	6 6. 6	5. 8 +	1 3. 6 +
l l ing ice in loc l ho d l ig h h, Av t t t  er ag e se p r s a cu rre nc y s we a s g ro w ex ce p in U kr ine a	E B I T D A in ( % ) ma rg	2 5. 3	2 4. 3
fro Ne ive im F X Ne Sa les (- 2 4. 7 €m ) d E B I T D A (- 5. 2 €m ) t t t  g a p ac m on an
l f l E B I T D A 1 3. 5 % + 

Trading by geographical region – Mexico and Brazil

i M e x c o	E U Rm	H 1 2 1	H 1 2 0	% D	f l l % D
l d de d dr by de l d b l ks So i ive i ia ic t  m an n re s n an p u wo r	Sa les Ne t ( 10 0% )	3 3 1 7.	2 6 6. 8	2 6. 4 +	2 8. 9 +
lu b le ian fo l l ing ice Ce ( 2 3. 9 % ). Fa t m en vo m es up + vo ra va r ce r s e p r s 	E B I T D A ( 10 0% )	1 5 0. 9	1 2 6. 4	1 9. 5 +	2 1. 9 +
ly de i h ig he E B I T D A ( 1 9. 5 % ), tro te ts  g re w s ng + sp r en er g y co s	in E B I T D A ( % ) ma rg	4 4. 8	4 7. 4
in l ig h ly do bu i l l he be in he E B I T D A t t t t t t  m ar g s wn s s g ro up
i l B r a z	E U Rm	1 2 1 H	1 2 0 H	% D	l f l % D
lu ha ks lso he ha in Ce ( 4 5. 0 % ) t to t  m en vo m es up + n a c ng sc op e	les Ne Sa t 10 ( 0% )	1 0 6. 4	6 1. 2	7 3. 9 +	9 0. 8 +
t e l l ing ice in loc l ho d l i d h Av t  er ag e se p r s a cu rre nc y s we a s o g ro w	E B I T D A ( 10 0% )	3 7. 0	1 6. 5	1 0 0 >	1 0 0 >
fro Ne ive im F X Ne Sa les ( 2 1 €m ) d E B I T D A ( 7 €m ) t t t  g a p ac m on an	E B I T D A in ( % ) ma rg	3 4. 7	2 7. 0

EBITDA variance analysis

Energy costs impact

Net Financial Position

	Ju 2 1 n	De 2 0 c	∆	Ju 2 0 n
E U Rm			bs a
h d he f in ia l a C t t a s a n o r a nc s s e s	9 5 1. 8	1, 2 2 0. 9	( 2 6 9. 2 )	1, 0 4 5. 0
ho d b S t- t t r er m e	1 0 2. 2 ( )	2 1 2 ( 4. )	1 1 2. 0	0. ( 4 7 )
ho le S in t- t r er m a s g	2 1. 1 ( )	2 1. ( 4 )	0. 3	2 2. ( 5 )
ho h N t t- t e s r er m c a s	8 2 8. 4	9 8 5. 3	( 1 5 6. 8 )	9 8 1. 8
f in ia l a Lo -t t ng er m a nc s s e s	2 1 4. 8	1 1. 0	2 0 3. 8	2. 4
d b Lo -t t ng er m e	( 1, 0 8 7. 0 )	( 1, 1 7 3. 4 )	8 6. 4	( 1, 2 9 4. 2 )
le in Lo -t ng er m a s g	( 6 5. 0 )	( 6 4. 6 )	( 0. 5 )	( 7 5. 1 )
d b N t t e e	1 0 8. 8 ( )	2 1. 6 ( 4 )	1 3 2. 9	3 8 1 ( 5. )

Gross debt breakdown ( 1,275.3 €m )

2021 Outlook

Fine tuning of the guidance following sound H1

• •Likely negative impact from FX
• •Higher energy and CO² costs

Italy

Solid demand to continue in H2, still driven by residential renovation and infrastructure. Positive development of pricing and operating leverage to balance the cost inflation Higher operating results than ²⁰²⁰

Central Europe

Continuation of a softer demand in H2 Pricing expected to strenghten Higher costs, (CO² and energy) will penalize operating results, expected to be flat vs 2020

Czech Republic and Poland

Modest evolution in volumes for H2 Positive price effect Higher costs, mainly CO2, will impact operating results, expected to fall short of 2020

Mexico

H2 expected to be equally sound as H1 Favorable trend in selling prices Cost inflation is taking its bite; however operating results should exceed last year level

Underlying demand to remain strong also in H2 Volume and price effect able to offset the sharp rise in costs Operating results, in local currency should confirm the 2020 record

Russia

Strong demand in H2, driven by public investments in infrastructure Assuming the ruble at current values, operating results in euro expected to advance

Ukraine

Positive development of volumes Unfavorable trend in selling prices and fuel cost rebounding Operating results expected to decline versus last year

Brazil

Good trend in volumes and prices also in H2

Clear improvement in operating results, driven by the scope change and despite the negative development of the exchange rate

Appendix

Volumes – Cement and Ready-mix concrete

Price Index by country

FX changes

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

Net sales by country

	H 1 2 1	H 1 2 0	∆	∆	Fo re x	Sc op e	l- f- l ∆
E U Rm			bs a	%	bs a	bs a	%
l I t a y	3 0 6 5.	2 2 0. 8	8 8 4.	3 8. 4 +	-	-	3 8. 4 +
i d U S t t t n e a e s	5 9 9. 0	6 1 1. 6	( 1 2. 6 )	-2 1	( 5 6. 2 )	-	7. 1 +
G e r m a n y	3 4 1. 7	3 3 9. 4	2. 3	0. 7 +	-	-	0. 7 +
h l d L / N t e e a n s u x r	1 0 0. 6	9 1. 2	9. 5	1 0. 4 +	-	-	1 0. 4 +
h l k i C R / S z e c e p o v a a	8 0. 4	2 7 5.	2 5.	6. 9 +	1. 3	-	2 5. +
l d P o a n	5 3. 7	5 5. 2	( 1. 5 )	-2 6	( 1. 5 )	-	0. 1 +
k U i r a n e	1. 5 0	1. 5 7	( 0. 7 )	-1 4	( 8. 6 )	-	1 5. 3 +
i R u s s a	9 3. 9	9 2. 9	1. 1	1. 2 +	1 ( 5. 8 )	-	1 8. 2 +
l E im ina ion t s	( 1 7. 3 )	( 1 7. 9 )	0. 5
l T t o a	1, 6 0 8. 7	1, 5 2 0. 1	8 8. 6	5. 8 +	( 8 0. 8 )	-	1 1. 1 +
i M 1 0 0 ( % ) e x c o	3 3 7. 1	2 6 6. 8	7 0. 3	2 6. 4 +	( 6. 8 )	-	2 8. 9 +
i l B ( 1 0 0 % ) r a z	1 0 6. 4	6 1. 2	2 4 5.	3. 9 7 +	2 1. 2 ( )	1 0. 9	9 0. 8 +

EBITDA by country

	1 2 1 H	1 2 0 H	∆	∆	Fo re x	Sc op e	f- ∆ l- l
E U Rm			bs a	%	bs a	bs a	%
l I t a y	3 2. 7	8. 8	2 3. 9	1 0 0 >	-	-	1 0 0 >
d U i S t t t n e a e s	1 8 1. 6	1 8 0. 1	1. 5	0. 8 +	( 1 7. 0 )	-	1 0. 3 +
G e r m a n y	6 0. 6	5 1. 8	8. 8	1 6. 9 +	-	-	1 6. 9 +
h l d L / N t u x e e r a n s	6. 9	6. 4	0. 5	8. 4 +	-	-	8. 4 +
C h S l k i R / z e c e p o v a a	2 3. 4	1 9. 7	3. 7	1 8. 7 +	0. 4	-	1 6. 6 +
l d P o a n	1 6. 2	1 5. 4	0. 8	5. 4 +	0. ( 5 )	-	8. 4 +
k i U r a n e	6 5.	6. 7	1. 1 ( )	-1 9 5.	0. 9 ( )	-	-1 7
i R u s s a	2 2 5.	2 8 4.	0. 4	1. 6 +	2 ( 4. )	-	1 8. 6 +
l im ina ion E t s	0. 3	0. 3
l T t o a	3 5 2. 5	3 1 3. 9	3 8. 6	1 2. 3 +	( 2 2. 2 )	-	1 9. 4 +
M i ( 1 0 0 % ) e c o x	1 5 0. 9	1 2 6. 4	2 4. 6	1 9. 5 +	( 3. 1 )	-	2 1. 9 +
l B i ( 1 0 0 % ) r a z	3 7. 0	1 6. 5	2 0. 5	1 0 0 >	( 7. 4 )	2. 8	1 0 0 >

Consolidated Income Statement

	1 2 1 H	H 1 2 0	∆	∆
E U Rm			bs a	%
le N S t e a s	1, 6 0 8. 7	1. 5 2 0, 1	8 8. 6	5. 8 +
E B I T D A	3 2. 5 5	3 1 3. 9	3 8. 6	1 2. 3 +
f w h ic h, ing o no n r ec ur r	-	-
f les % ( ing ) o sa rec ur r	2 1. 9 %	2 0. 7 %
ia io d iza io De t t t p re c n a n a m or n	( 1 2 2. 8 )	( 1 2 8. 4 )	5. 7
in f i O Pr ( E B I T ) t t p er a g o	2 2 9. 7	1 8 5. 5	4 4. 2	2 3. 8 +
f % les o sa	1 4. 3 %	1 2. 2 %
Eq i in ty u e ar n g s	4 8. 4	1 4 8. 9	( 1 0 0. 5 )
f Ne in t t a nc e c o s s	( 1 6. 0 )	( 5 5. 0 )	3 9. 0
f fo Pr i b t t o e re ax	2 6 2. 1	2 7 9. 4	( 1 7. 3 )	-6 2
In t c o m e ax e xp e ns e	( 5 2. 4 )	( 6 2. 7 )	1 0. 3
f i N t t e p ro	2 0 9. 7	2 1 6. 7	( 6. 9 )	-3 2
in i ie M t or s	( 0. 1 )	( 0. 1 )	0. 1
l i d d f i C t t t o ns o a e ne p ro	2 0 9. 6	2 1 6. 5	( 6. 9 )	-3 2

Consolidated Cash Flow Statement

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