Buzzi Unicem — Investor Presentation 2022

May 18, 2022

18 May 2022 Italian Investment Conference

Executive Summary

1Italian Invesment Conference | 18 May 2022

1. Q1 2022 Highlights

2Italian Invesment Conference | 18 May 2022

Q1 22 Highlights

raw

Selling prices moved up, with Italy, Eastern Europe and USA leading the way

in Europe

some

materials,

mainly

Strong net sales growth (+14.5% lfl) in all regions, driven by robust price development and overall solid level of activity

Net Financial Position remains positive but to a less extent vs 2021 due to the spike in working capital. Repurchased~4% of share in Q1 (€m 122)

Guidance confirmed: recurring EBITDA to possibly decline 10% vs 2021.

3Italian Invesment Conference | 18 May 2022

Price Index by country

In local currency; FY16=100

4Italian Invesment Conference | 18 May 2022

FX changes

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

Net Sales by country

	Q 1 2 2	Q 1 2 1	∆	∆	F o r e x	S c o p e	l- f- 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 +
i d 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 i U r a n e	1 3. 1	1 6. 3	( 3. 2 )	-1 9. 8	0. 6	-	-2 3. 2
i R s s a u	3 8. 2	3 6 7.	0. 5	1. 4 +	3 ( 4. )	-	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

	Mar 22	Dec 21	>	Mar 21
EURm			abs
Cash and other financial assets	966.9	1,207.5	(240.6)	1,065.5
Short-term debt	(127.4)	(155.1)	27.7	(50.9)
Short-term leasing	(24.3)	(22.5)	(1.9)	(21.5)
Net short-term cash	815.2	1.029.9	(214.7)	993.1
Long-term financial assets	266.4	252.3	14.1	11.4
Long-term debt	(995.0)	(990.9)	(4.2)	(1,167.7)
Long-term leasing	(58.1)	(55.8)	(2.3)	(67.5)
Net financial position	28.4	235.5	(207.1)	(230.7)

7Italian Invesment Conference | 18 May 2022

2. Trading by geographical area

8Italian Invesment Conference | 18 May 2022

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 r o p e u
---------------------------------	----------------------------

• 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 21

185.0

D %

+18.9

D% l-f-l

+18.9

EURm

Net Sales

Q1 22

219.9

Mexico and Brazil

Mexico

• Domestic demand contraction, penalized by challenging comps and some delays in construction investments
• Prices gained traction from January on
• Higher production costs driven by fuels

E U Rm	Q 1 2 2	Q 1 2 1	D %	f- l- 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

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	1 1 1 Q 2 2 Q 2		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

12Italian Invesment Conference | 18 May 2022

Decarbonization Roadmap: new CO2 reduction targets for 2030 and 2050

• •By 2021, we have reduced by ~17% the specific net CO2emissions compared to 1990 level.
• •We expect to reduce CO2emissions (scope 1 net) below 500 kg per ton of cementitious material by 2030, equal to a reduction of ~20% vs 2021 level*
• •By 2050, concrete production with zero impact in terms of CO2emissions
• •2030 Targets will be subject to validation by SBTi

13Italian Invesment Conference | 18 May 2022

Appendix

14Italian Invesment Conference | 18 May 2022

Buzzi Unicem at a glance

International multi-regional, heavy-side group, focused on cement, ready-mix and aggregates. Successfulgeographicdiversificationwith leadingpositions in attractivemarkets

• •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, committedto 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 creationfor all stakeholders

15Italian Invesment Conference | 18 May 2022

Shares & Shareholders | Shareholder Return

16Italian Invesment Conference | 18 May 2022

Savings

Ordinary

Cement plants location and capacity

17Italian Invesment Conference | 18 May 2022

Italy

Germany

Ukraine

Mexico

Algeria

As at May

Slovenia

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
	EBI TD A	10. 3	-5. 9	-18 .1	-18 .7	-37 .2	-22 .2	-79 .7	-1. 7	43 .4	33 .8	40 .8
ly Ita Ge rm an y	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 %
	EBI TD A	90 .3	72 .2	108 .1	88 .6	72 .1	76 .8	78 .1	82 .5	102 .3	123 .8	127 .5
	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%
	EBI TD 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 %
ech Cz Re / p	EBI TD 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%
	EBI TD 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%
	EBI TD 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%
	EBI TD 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%
	EBI TD 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
S a lica tio ( IFR 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%
	EBI TD A	82 .6	97 .5	77 .5	93 .9	128 .1	146 .7	164 .6	144 .5	126 .1	132 .5	14 1.3
xic 50 %) Me o (	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 %)	EBI TD 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	48 1.2	51 6.6	60 1.3	69 7.3	67 2.8	72 1.7	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%

18Italian Invesment Conference | 18 May 2022

Net Cash Flow from Operations ad Capex development | EURm

¹⁹Italian Invesment Conference | 18 May 2022

Value generation: ROCE vs WACC

2021 cement consumption vs peak

Per capita consumption (kg)

21Italian Invesment Conference | 18 May 2022

Historical series cement consumption by country

22Italian Invesment Conference | 18 May 2022

18 May 2022 Italian Investment Conference