Infrastructure & Construction Conference - Barclays

Paris, 22 September 2022

AGENDA

1. H1 2022 HIGHLIGHTS 2. 2022 OUTLOOK 3. OUR JOURNEY TO NET ZERO APPENDIX

1. H1 2022 HIGHLIGHTS

H1 2022 HIGHLIGHTS

+16.9% 1,520 1,609 1,880 H1 20 H1 21 H1 22

Net Sales (€m)

EBITDA Margin (%)

-250 bps

20.7 21.9

H1 20 H1 21 H1 22

+3.6% 314 353 365 H1 20 H1 21 H1 22 236 28 114 FY 21 Q1 22 H1 22 NFP (€m) +86

EBITDA (€m)

H1 2022 IN BRIEF

Overall stable demand across the regions. High inflation and uncertainties started to have an impact, mainly in Europe

Sequential double-digit prices increases implemented in every country with Italy, Eastern Europe and USA leading the way

Price over cost negative in H1 but prices started to catch up in Q2

Strong net sales growth (+12.1% lfl) in all regions, driven by solid pricing.

EBITDA just slightly down lfl vs H1 2021 due to higher costs (energy +70%)

Net cash position at 114 €m, improved vs Q1 but still lower vs 2021 due to the spike in working capital and share buyback

Revised guidance for 2022: Recurring EBITDA to possibly reach a level similar to 2021

19.4

PRICE INDEX BY COUNTRY

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ENERGY COSTS IMPACT

Total energy (excl. Russia) Power & Fuel (excl. Russia)

Energy cost (€m)

Energy cost / Revenues*

Power cost / Revenues* (%)

Fuel cost (€/ton)

12.00

Fuel cost / Revenues* (%)

*only cement

20%

EBITDA VARIANCE ANALYSIS

EURm

FX CHANGES

	H1 2022	H1 2021	D	2021	Current
EUR 1 =	avg	avg	%	avg
USD	1.09	1.21	9.3	1.18	1.0
RUB	85.41	89.55	4.6	87.15	60.89
UAH	31.73	33.46	5.2	32.26	36.51
CZK	24.65	25.85	4.7	25.64	24.49
PLN	4.64	4.54	-2.2	4.57	4.71
MXN	22.17	24.33	8.9	23.99	20.11
BRL	5.56	6.49	14.4	6.38	5.29

NET SALES BY COUNTRY

	H1 2022	H1 2021	∆	∆	FX	Scope	∆ l-f-l
EURm			abs	%	abs	abs	%
Italy	357.9	305.6	52.3	+17.1	-	-	+17.1
United States	726.5	599.0	127.5	+21.3	67.4	-	+10.0
Germany	392.9	341.7	51.2	+15.0	-	-	+15.0
Lux / Netherlands	116.4	100.6	15.8	+15.7	-	(0.4)	+16.2
Czech Rep / Slovakia	96.7	80.4	16.2	+20.2	4.1	-	+15.1
Poland	68.4	53.7	14.7	+27.3	(1.5)	-	+30.1
Ukraine	28.3	51.0	(22.7)	-44.5	1.5	-	-47.4
Russia	114.3	93.9	20.4	+21.7	5.3	-	+16.1
Eliminations	(21.4)	(17.3)	(4.0)
Total	1,880.0	1,608.7	271.2	+16.9	76.8	(0.4)	+12.1

Mexico (100%)	353.1	337.1	15.9	+4.7	31.4	-	-4.6
Brazil (100%)	179.6	106.4	73.1	+68.7	25.8	(33.0)	+13.4

EBITDA BY COUNTRY

	H1 2022	H1 2021	∆	∆	Forex	Scope	∆ l-f-l
EURm			abs	%	abs	abs	%
Italy	35.6	32.7	2.9	+8.9	-	-	+8.9
United States	180.6	181.6	(1.0)	-0.6	16.8	-	-9.8
Germany	64.5	60.6	3.9	+6.5	-	-	+6.5
Lux / Netherlands	4.8	6.9	(2.1)	-30.0	-	(0.1)	-29.2
Czech Rep / Slovakia	29.4	23.4	5.9	+25.4	1.4	-	+19.6
Poland	17.6	16.2	1.4	+8.8	(0.4)	-	+11.2
Ukraine	-3.5	5.6	(9.1)	n.s.	(0.2)	-	n.s.
Russia	36.0	25.2	10.8	+43.0	1.7	-	+36.4
Adjustments	0.1	0.3
Total	365.1	352.5	12.6	+3.6	19.2	(0.1)	-1.9

Mexico (100%)	149.5	150.9	(1.4)	-0.9	13.3	-	-9.7
Brazil (100%)	46.6	37.0	9.6	+26.0	6.7	(5.9)	-8.0

NET FINANCIAL POSITION

	Jun 22	Dec 21	∆	Jun 21
EURm			abs
Cash and other financial assets	1,062.3	1,207.5	(145.2)	951.8
Short-term debt	(621.6)	(155.1)	(466.5)	(102.2)
Short-term leasing	(23.6)	(22.5)	(1.2)	(21.1)
Net short-term cash	417.1	1,029.9	(612.8)	828.5
Long-term financial assets	267.3	252.3	15.0	214.8
Long-term debt	(512.0)	(990.9)	478.9	(1,087.0)
Long-term leasing	(58.2)	(55.8)	(2.4)	(65.0)
Net debt	114.2	235.5	(121.3)	(108.8)
Gross debt breakdown ( 1.215,4 €m )

2. 2022 OUTLOOK

2022 OUTLOOK

During H2, construction activity in Italy and Central Europe may be penalized by less favorable development in the residential sector, which bears the higher financing and construction costs, and some delays in the implementation of infrastucture plans. Construction activity in the USA expected to continue to be lively.

Selling prices should continue to fuel revenue growth in H2

Thanks to better visibility on the year, guidance raised compared to previous indications: 2022 recurring EBITDA expected to be in line with 2021

3. OUR JOURNEY TO NET ZERO

OUR JOURNEY TO NET ZERO

HOW TO GET THERE

Proven track record in CO² emissions reduction. Already reduced by ~20% CO2 emissions in 2021 vs 1990.

NEXT CHAPTER: NEW, SCIENCE BASED, REDUCTION TARGETS

Targeting to achieve CO² emissions (scope 1 net) below 500 kg per ton of cementitious material by 2030, meaning another 20% reduction vs 2021 level*.

TCFD alignment SBTi validation on-going

ROADMAP 2030 – 2050

Realistic path to turn ambition into reality

*scope including Brazil, excluding Russia

CLINKER CONTENT IN CEMENTS

67.3% In 2030

63.4% In 2050

ALTERNATIVE FUELS WITH BIOMASS CONTENT

In 2021

45.4%

In 2030

69.5% In 2050

CCU/S: GREEN ENERGY COOPERATION WITH TES&OGE IN DEUNA

DEUNA CEMENT PLANT (GERMANY) WILL PARTIALLY CAPTURE ITS CO² AND PARTICIPATE AT A CO² CIRCULAR ECONOMY INITIATIVE. CAPEX: 35-50 €M

CARBON CAPTURE AT CEMENT PLANT IN DEUNA (THURINGIA)

CO² emissions will be captured and transferred into liquid CO² at Deuna cement plant. Initial start in 2027, scaled up for approx. 280,000 tons CO2 capture by 2030.

1,000 KM CO² TRANSPORT NETWORK

The CO2 will be transported* to Wilhelmshaven. From there is will be exported by TES for a circular closed looped system or sequestration.

GREEN ENERGY HUB WILHELMSHAVEN

TES will import green methane which can be used in turn in industrial processes.

* either by train through a JV of Rhenus & TES or by pipeline through a JV of OGE & TES.

CCU/S: CATCH FOR CLIMATE

CI4C – CEMENT INNOVATION FOR CLIMATE WAS FOUNDEND BY BUZZI UNICEM/DYCKERHOFF, HEIDELBERGCEMENT, SCHWENK ZEMENT AND VICAT.

DEMONSTRATION PLANT ON INDUSTRIAL SCALE IN MERGELSTETTEN

CI4C will build and operate a demonstration plant, where the oxyfuel (from oxygen and fuel) process will be applied. EPC contract with tkIS signed.

CAPTURE OF CO² BY OXYFUEL PROCESS

Pure oxygen is introduced into the cement kiln instead of air: No other components gets into the burning process. Highly concentrated CO² is created. ~100% of CO² can be captured.

REFUELS

The captured CO² is used to produce reFuels with the help of renewable electrical energy and turned into climate-neutral synthetic fuels such as kerosene for air traffic.

CAPEX REQUIREMENTS BY 2030

Expected capex requirements for 2030 target:

750 million euros

This plan leads to CO² specific capex per year equal to 20-30% of the annual avg capex spending

Maintaining ~8% of capex* to net sales ratio over the period

*excluding financial investments

APPENDIX

BUZZI UNICEM AT A GLANCE: WELL POSITIONED TO CATCH FUTURE OPPORTUNITIES

Well balanced portfolio with exposure to mature markets as well as emerging Strong market position in USA and Eurozone, enabling us to capture the local opportunities Relevant exposure to Mexico and Brazil, countries with attractive prospects in population growth and urbanization

Above 40 mt of cement capacity available and 400 concrete plants (incl. JVs)

Strategy focused on long term and sustainable growth

Proven ability to deliver strong financial perfomance and free cash flows

Clear commitment to sustainability and value creation for all stakeholders

SHARES & SHAREHOLDERS | SHAREHOLDERS RETURN

23 Infrastructure & Construction conference | 22 September 2022

HISTORICAL EBITDA DEVELOPMENT BY COUNTRY

		2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
Italy	EBITDA	10.3	-5.9	-18.1	-18.7	-37.2	-22.2	-79.7	-1.7	43.4	33.8	40.8
	margin	1.8%	-1.2%	-4.2%	-4.8%	-9.8%	-5.9%	-18.6%	-0.4%	8.6%	6.8%	6.8%
	EBITDA	90.3	72.2	108.1	88.6	72.1	76.8	78.1	82.5	102.3	123.8	127.5
Germany	margin	14.2%	12.0%	18.0%	14.7%	12.6%	13.4%	13.3%	13.0%	15.1%	17.3%	18.0%
	EBITDA	35.0	8.3	11.5	15.9	19.7	25.8	17.6	23.1	22.7	21.7	16.5
Benelux	margin	15.7%	4.3%	6.3%	9.7%	11.7%	14.7%	9.4%	11.7%	11.8%	11.3%	8.2%
Czech Rep/	EBITDA	35.2	25.4	19.2	27.0	32.6	34.4	36.5	43.6	46.3	46.8	51.3
Slovakia	margin	20.5%	17.0%	14.6%	20.2%	24.0%	25.2%	24.7%	26.5%	27.5%	29.4%	28.9%
	EBITDA	36.9	21.8	27.1	18.2	22.7	23.4	24.1	31.9	32.1	35.3	31.3
Poland	margin	26.6%	20.0%	26.8%	20.4%	20.4%	24.6%	24.9%	28.6%	25.9%	29.9%	24.8%
	EBITDA	6.9	15.8	12.3	11.0	4.0	12.8	16.0	7.0	21.0	21.9	13.3
Ukraine	margin	6.2%	11.8%	10.0%	12.5%	5.7%	16.1%	16.9%	8.0%	15.9%	18.9%	10.5%
	EBITDA	65.7	96.1	92.6	73.4	48.4	43.2	46.0	50.1	57.7	52.9	58.6
Russia	margin	37.4%	41.0%	37.2%	35.0%	29.0%	28.0%	24.9%	27.0%	26.9%	28.3%	28.3%
	EBITDA	71.4	123.9	151.0	207.3	311.7	356.5	369.6	341.2	402.7	444.2	455.1
USA	margin	12.8%	18.2%	20.7%	24.2%	28.1%	31.9%	33.0%	31.9%	32.4%	35.2%	34.2%
Group	EBITDA	351.7	357.6	403.7	422.7	473.2	550.6	508.2	577.2	728.1	780.8	794.6
(IFRS application)	margin	13.8%	14.1%	16.0%	16.9%	17.8%	20.6%	18.1%	20.1%	22.6%	24.2%	23.1%
Mexico (50%)	EBITDA	82.6	97.5	77.5	93.9	128.1	146.7	164.6	144.5	126.1	132.5	141.3
	margin	34.7%	36.2%	33.2%	36.0%	40.9%	48.2%	48.0%	46.3%	42.5%	46.2%	42.7%
Brazil (50%)	EBITDA								15.9	11.7	24.0	40.5
	margin								23.9%	17.4%	34.5%	31.9%
Group	EBITDA	434.3	455.1	481.2	516.6	601.3	697.3	672.8	721.7	865.9	937.3	976.4
(proportional method)	margin	14.4%	14.8%	17.5%	18.7%	20.2%	23.5%	21.4%	22.7%	24.2%	26.2%	25.0%

2021 CEMENT CONSUMPTION VS PEAK

Total market (m ton) Per capita consumption (kg)

HISTORICAL SERIES CEMENT CONSUMPTION BY COUNTRY

DISCLAIMER

THIS REPORT CONTAINS COMMITMENTS AND FORWARD-LOOKING STATEMENTS BASED ON ASSUMPTIONS AND ESTIMATES. EVEN IF THE COMPANY BELIEVES THAT THEY ARE REALISTIC AND FORMULATED WITH PRUDENTIAL CRITERIA, FACTORS EXTERNAL TO ITS WILL COULD LIMIT THEIR CONSISTENCY (OR PRECISION, OR EXTENT), CAUSING EVEN SIGNIFICANT DEVIATIONS FROM EXPECTATIONS. THE COMPANY WILL UPDATE ITS COMMITMENTS AND FORWARD-LOOKING STATEMENTS ACCORDING TO THE ACTUAL PERFORMANCE AND WILL GIVE AN ACCOUNT OF THE REASONS FOR ANY DEVIATIONS.