Buzzi Unicem — Investor Presentation 2022

May 25, 2022

The Nice Conference

25 May 2022

Executive Summary

1. Q1 2022 Highlights

Q1 22 Highlights

Price Index by country

In local currency; FY16=100

FX changes

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

Net Sales by country

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

Net Financial Position

	M 2 2 ar	De 2 1 c	∆	M 2 1 ar
E U Rm			bs a
f Ca h d he ina ia l t ts s an o r nc as se	9 6 6. 9	1, 2 0 7. 5	2 0. 6 ( 4 )	1, 0 6 5. 5
ho de b S t- te t r rm	( 1 2 7. 4 )	( 1 5 5. 1 )	2 7. 7	( 5 0. 9 )
ho lea S ing t- te r rm s	( 2 4. 3 )	( 2 2. 5 )	( 1. 9 )	( 2 1. 5 )
ho h Ne t t- te s r rm ca s	8 1 5. 2	1, 0 2 9. 9	( 2 1 4. 7 )	9 9 3. 1
f ina ia l Lo -te ts ng rm nc as se	2 6 6. 4	2 5 2. 3	1 4. 1	1 1. 4
Lo de b -te t ng rm	( 9 9 5. 0 )	( 9 9 0. 9 )	( 4. 2 )	( 1, 1 6 7. 7 )
lea Lo ing -te ng rm s	( 5 8. 1 )	( 5 5. 8 )	( 2. 3 )	( 6 7. 5 )
f in ia l i io Ne t t an c p os n	2 8. 4	2 3 5. 5	( 2 0 7. 1 )	( 2 3 0. 7 )

Gross debt breakdown ( 1.204,9 €m )

2. Trading by geographical area

Italy and USA

Italy

• Domestic demand was weaker, parly caused by uncertainties linked to the surge of raw materials
• Selling prices have significantly increased in order to compensate the higher production costs (energy)

E U Rm	Q 1 2 2	Q 1 2 1	D %	f- l- l D %
l N S t e a e s	1 6 3. 3	1 3 8. 5	1 7. 9 +	1 7. 9 +

United States

• Lively demand, driven by residential and new infrastructure projects. Positive trend in cement, negative in concrete, impacted by shortage of labor
• Material improvement in selling prices (first round implemented in January)
• Higher production costs (energy, logistics and raw mat.)
• Switch to Type 1L cement effective already in Q1

E U Rm	Q 1 2 2	Q 1 2 1	D %	l- f- l D %
l N S t e a e s	1. 3 0 9	1. 2 6 3	1 5. 5 +	7. 6 +

Central and Eastern Europe

Central Europe

• Cement volumes moved up thanks to good level of activity in construction sector and easy comps.
• Selling prices have strengthened too.
• Energy costs inflation under control thanks to high fossil fuels substitution and hedging policy

E t a s e r n	E u r o p e
---------------------------------	----------------------------

• Solid trend in Poland and Czech Rep. thanks mainly to easy comps.
• In Russia, demand started stable and then weakened in March affected by the deterioration of the macroeconomic scenario
• In Ukraine, much more visible decline: the outbreak of the conflict imposed a production and commercial lockdown from the end of February
• Selling prices moved up significantly

E U Rm	Q 1 2 2	Q 1 2 1	D %	f- l- l D %
l N S t e a e s	1 1 7. 0	9 9. 1	1 8. 1 +	2 0. 5 +

Q1 22 Q1 21 D % D% l-f-l

185.0 +18.9 +18.9

EURm

Net Sales

219.9

Mexico and Brazil

Mexico

Domestic demand contraction, penalized by challenging comps and some delays in construction investments

E U Rm	Q 1 2 2	Q 1 2 1	D %	l- f- l D %
l N S t ( 1 0 0 % ) e a e s	1 6 6. 6	1 6 0. 7	3. 7 +	-2 8

• Prices gained traction from January on
• Higher production costs driven by fuels

Brazil

• Construction sector was steady, thanks to public spending to support social housing and infrastructure
• Cement volumes increased benefitting from additional contribution of the former CRH cement plants aquired in April 2021. Flat volumes on a l-f-l basis, mainly due to touygh comps.
• Significant rise in selling prices but production costs increased too

E U Rm	Q 1 2 2	Q 1 2 1	D %	l- f- l D %
l N S t ( 1 0 0 % ) e a e s	7 5. 2	3 9. 6	8 9. 9 +	-1 4

3. Decarbonization Roadmap

Decarbonization Roadmap: new CO2 reduction targets for 2030 and 2050

• • By 2021, we have reduced by ^~17% the specific net CO² emissions compared to 1990 level.
• • We expect to reduce CO² emissions (scope 1 net) below 500 kg per ton of cementitious material by 2030, equa^l to a reduction of ~20% vs 2021 level*
• •By 2050, concrete production with zero impact in terms of CO² emissions
• •2030 Targets will be subject to validation by SBTi

13The Nice Conference | 25 May 2022

Appendix

Buzzi Unicem at a glance

International multi-regional, heavy-side group, focused on cement, ready-mix and aggregates. Successful geographic diversification with leading positions in attractive markets

• •United States (#4), Italy (#2), Germany (#2). Joint venture in Mexico and Brazil
• •Significant position in Luxembourg, the Netherlands, Poland, Czech Republic, Slovakia, Russia and Ukraine
• •Entry point in Algeria and Slovenia

Dedicated management with long-term vision, committed to sustainable growth

Highly efficient, low-cost producer with strong and stable cash flow generation Conservative financial profile and balanced growth strategy.

High quality and environmentally friendly assets Leading product and service offering

Clear commitment to sustainability and value creation for all stakeholders

Shares & Shareholders | Shareholder Return

OrdinarySavings

Cement plants location and capacity

17The Nice Conference | 25 May 2022

Italy

Historical EBITDA development by country

		20 11	20 12	20 13	20 14	20 15	20 16	20 17	20 18	20 19	20 20	20 21
Ita	EB ITD A	10. 3	-5. 9	-18 .1	-18 .7	-37 .2	-22 .2	-79 .7	-1. 7	43 .4	33 .8	40 .8
ly	in ma rg	1.8 %	-1. 2%	-4. 2%	-4. 8%	-9. 8%	-5. 9%	-18 .6%	-0. 4%	8.6 %	6.8 %	6.8 %
	EB ITD A	90 .3	72 .2	108 .1	88 .6	72 .1	76 .8	78 .1	82 .5	102 .3	123 .8	127 .5
Ge rm an y	in ma rg	14. 2%	12. 0%	18. 0%	14. 7%	12. 6%	13. 4%	13. 3%	13. 0%	15. 1%	17. 3%	18. 0%
	EB ITD A	35 .0	8.3	11. 5	15. 9	19. 7	25 .8	17. 6	23 .1	22 .7	21 .7	16. 5
lux Be ne	in ma rg	15. 7%	4.3 %	6.3 %	9.7 %	11. 7%	14. 7%	9.4 %	11. 7%	11. 8%	11. 3 %	8.2 %
Cz ech Re / p	EB ITD A	35 .2	25 .4	19. 2	27 .0	32 .6	34 .4	36 .5	43 .6	46 .3	46 .8	51 .3
Slo kia va	in ma rg	20 .5%	17. 0%	14. 6%	20 .2%	24 .0%	25 .2%	24 .7%	26 .5%	27 .5%	29 .4%	28 .9%
	EB ITD A	36 .9	21 .8	27 .1	18. 2	22 .7	23 .4	24 .1	31 .9	32 .1	35 .3	31 .3
lan d Po	in ma rg	26 .6%	20 .0%	26 .8%	20 .4%	20 .4%	24 .6%	24 .9%	28 .6%	25 .9%	29 .9%	24 .8%
	EB ITD A	6.9	15. 8	12. 3	11. 0	4.0	12. 8	16. 0	7.0	21 .0	21 .9	13. 3
Uk rai ne	in ma rg	6.2 %	11. 8%	10. 0%	12. 5%	5.7 %	16. 1%	16. 9%	8.0 %	15. 9%	18. 9%	10. 5%
	EB ITD A	65 .7	96 .1	92 .6	73 .4	48 .4	43 .2	46 .0	50 .1	57 .7	52 .9	58 .6
ssi Ru a	in ma rg	37 .4%	41 .0%	37 .2%	35 .0%	29 .0%	28 .0%	24 .9%	27 .0%	26 .9%	28 .3%	28 .3%
	EB ITD A	71 .4	123 .9	15 1.0	20 7.3	31 1.7	35 6.5	36 9.6	34 1.2	40 2.7	44 4.2	45 5.1
US A	in ma rg	12. 8%	18. 2%	20 .7%	24 .2%	28 .1%	31 .9%	33 .0%	31 .9%	32 .4%	35 .2%	34 .2%
Gr ou p	EB ITD A	35 1.7	35 7.6	40 3.7	42 2.7	47 3.2	55 0.6	50 8.2	57 7.2	72 8.1	78 0.8	79 4.6
lica tio ( IFR S a n) pp	in ma rg	13. 8%	14. 1%	16. 0%	16. 9%	17. 8%	20 .6%	18. 1%	20 .1%	22 .6%	24 .2%	23 .1%
	EB ITD A	82 .6	97 .5	77 .5	93 .9	128 .1	146 .7	164 .6	144 .5	126 .1	132 .5	14 1.3
Me xic o ( 50 %)	in ma rg	34 .7%	36 .2%	33 .2%	36 .0%	40 .9%	48 .2%	48 .0%	46 .3%	42 .5%	46 .2%	42 .7%
zil Bra ( 50 %)	EB ITD A								15. 9	11. 7	24 .0	40 .5
	in ma rg								23 .9%	17. 4%	34 .5%	31 .9%
Gr ou p	EB ITD A	43 4.3	5.1 45	1.2 48	51 6.6	1.3 60	69 7.3	67 2.8	1.7 72	86 5.9	93 7.3	97 6.4
ion al tho d) (pr ort op me	in ma rg	14. 4%	14. 8%	17. 5%	18. 7%	20 .2%	23 .5%	21 .4%	22 .7%	24 .2%	26 .2%	25 .0%

Net Cash Flow from Operations ad Capex development | EURm

Value generation: ROCE vs WACC

2021 cement consumption vs pea^k

Historical series cement consumption by country

The Nice Conference

25 May 2022