Italian Champions Conference

Milan, 12 December 2023

EXECUTIVE SUMMARY

1. COMPANY OVERVIEW
2. KEY INVESTMENT HIGHLIGHTS
3. 9M 2023 OVERVIEW
4. OUR JOURNEY TO NET ZERO

1. COMPANY OVERVIEW

BUZZI AT A GLANCE: WELL POSITIONED TO CATCH FUTURE OPPORTUNITIES

MORE THAN 110 YEARS OF HISTORY

1907-50	1951-75	1976-99	2000-15	2016-23
1907 Foundation by Pietro and Antonio Buzzi; Trino (IT) cement plant	1959 AITEC foundation; The 3rd generation joins the company	1979 Entry into the USA market (Alamo)	2001 Dyckerhoff acquisition (34%)(1)	2017-2019 Bolt-on acquisition in Italy and Germany
1925 Casale Monferrato (IT) cement plant	1965 Robilante (IT) cement plant	1981 Entry into the Mexican market 1990 Entry into the admixtures market (Addiment Italia)	2004 Merger of all US entities into Buzzi Unicem USA 2007-2010 100th anniversary • Entry in Algerian market • New lines in Russia and •	2018 - 2020 Entry into the Brazilian market CCU/S International projects: Cleanker and Catch4Climate 2021 Expansion in Brazil:
1949 Fratelli Buzzi becomes joint stock company	1967 Start of ready-mix concrete production 1975	1999 Unicem acquisition; trade name changed to Buzzi Unicem; Listing on Italian Stock	in Missouri (US) Greenfield plant in • Veracruz (MX) 2013 100% ownership of	acquisition of CRH Brazil assets 2022 Termination of the operational involvement in Russia
	Start of expanded clay production	Exchange	Dyckerhoff 2014 - 2015 Acquisition of Korkino plant (RU); New line in Maryneal (TX)	2023 Change of the company name to Buzzi Spa; Agreement to sell assets in Ukraine and East Slovakia(2)

SHAREHOLDERS STRUCTURE AND DIVIDENDS

OUR PRESENCE

GERMANY, LUXEMBOURG AND NETHERLANDS

2. KEY INVESTMENTS HIGHLIGHTS

INDUSTRY LEADING PERFORMANCE THROUGH THE CYCLE

Net Sales

EURm

Solid growth fueled by sound demand, driven by residential, infrastructure needs and nonresidential recovery. CAGR (2010-2022): +3.2%

EBITDA

Over proportional growth to Net Sales More than 50% of group EBITDA generated in the USA CAGR (2010-2022): +6.6%

EBITDA Margin %

Leading performance driven by cost efficiency and synergies

+700 bps vs 2010.

HISTORICAL EBITDA BY COUNTRY

		2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Italy	EBITDA	(5.9)	(18.1)	(18.7)	(37.2)	(22.2)	(79.7)	(1.7)	43.4	33.8	40.8	82.0
	margin	-1.2%	-4.2%	-4.8%	-9.8%	-5.9%	-18.6%	-0.4%	8.6%	6.8%	6.8%	11.3%
Germany	EBITDA	72.2	108.1	88.6	72.1	76.8	78.1	82.5	102.3	123.8	127.5	120.5
	margin	12.0%	18.0%	14.7%	12.6%	13.4%	13.3%	13.0%	15.1%	17.3%	18.0%	15.1%
Benelux	EBITDA	8.3	11.5	15.9	19.7	25.8	17.6	23.1	22.7	21.7	16.5	7.0
	margin	4.3%	6.3%	9.7%	11.7%	14.7%	9.4%	11.7%	11.8%	11.3%	8.2%	3.1%
Czech Rep/ Slovakia	EBITDA	25.4	19.2	27.0	32.6	34.4	36.5	43.6	46.3	46.8	51.3	56.8
	margin	17.0%	14.6%	20.2%	24.0%	25.2%	24.7%	26.5%	27.5%	29.4%	28.9%	28.2%
Poland	EBITDA	21.8	27.1	18.2	22.7	23.4	24.1	31.9	32.1	35.3	31.3	27.2
	margin	20.0%	26.8%	20.4%	20.4%	24.6%	24.9%	28.6%	25.9%	29.9%	24.8%	19.2%
Ukraine	EBITDA	15.8	12.3	11.0	4.0	12.8	16.0	7.0	21.0	21.9	13.3	(6.8)
	margin	11.8%	10.0%	12.5%	5.7%	16.1%	16.9%	8.0%	15.9%	18.9%	10.5%	-11.4%
Russia	EBITDA	96.1	92.6	73.4	48.4	43.2	46.0	50.1	57.7	52.9	58.6	99.6
	margin	41.0%	37.2%	35.0%	29.0%	28.0%	24.9%	27.0%	26.9%	28.3%	28.3%	34.3%
	EBITDA	123.9	151.0	207.3	311.7	356.5	369.6	341.2	402.7	444.2	455.1	497.5
USA	margin	18.2%	20.7%	24.2%	28.1%	31.9%	33.0%	31.9%	32.4%	35.2%	34.2%	31.3%
Consolidated	EBITDA	357.6	403.7	422.7	473.2	550.6	508.2	577.2	728.1	780.8	794.6	883.7
(IFRS application)	margin	14.1%	16.0%	16.9%	17.8%	20.6%	18.1%	20.1%	22.6%	24.2%	23.1%	22.1%
Mexico (50%)	EBITDA	97.5	77.5	93.9	128.1	146.7	164.6	144.5	126.1	132.5	141.3	152.9
	margin	36.2%	33.2%	36.0%	40.9%	48.2%	48.0%	46.3%	42.5%	46.2%	42.7%	39.8%
Brazil (50%)	EBITDA							15.9	11.7	24.0	40.5	59.4
	margin							23.9%	17.4%	34.5%	31.9%	29.7%
Consolidated	EBITDA	455.1	481.2	516.6	601.3	697.3	672.8	737.6	865.9	937.3	976.4	1,096.0
(proportional method)	margin	14.8%	17.5%	18.7%	20.2%	23.5%	21.4%	22.7%	24.2%	26.2%	25.0%	23.3%

SOUND CASH GENERATION AND VALUE CREATIVE CAPITAL ALLOCATION

~ 4.2 billion euros invested in our industrial asset (2010-2022) thereof ~ 710 million euros in special projects dedicated to installed capacity expansion ~ 700 million euros of equity investments, in order to enter in new countries (Brazil, 2018) and to strengthen our position in existing markets (Germany and Italy)

~ 4.7 billion euros cash generated from operations over the period (CAGR ~4%)

EURm

STRONG BALANCE SHEET, PRESERVING INVESTMENT CAPACITY FOR GROWTH

CASH RETURN TO SHAREHOLDERS

Strengthened Equity FCF, selective CAPEX, reducing interests through
deleveraging

CAGR ~ 7%

From 2010, ~ 760 million euros returned to shareholders, thereof:
- 500+ million euros as dividends
- ~ 250 million euros as buybacks
~ 30% cash returned to shareholders

Equity FCF Dividends

DISCIPLINED AND BALANCED FINANCIAL APPROACH

WITHIN THE COMPANY….

Margins protection, through organic growth, adequate pricing and efficient cost management
Selective decisions on Capex (~8% to Net Sales)
Maintaining positive avg ROIC vs WACC spread
Maintaining investment grade metrics (Net debt/EBITDA ratio of 1.5 x – 2.0 x)
Focus on cash generation and allocating exceeding cash to M&A and shareholders

…AND EXTERNAL FUNDING

Funding plan with access to fixed income markets and loan markets as well as private placements focusing on maturity profiles, flexibility and cost of funding.
Proactively looking for public subsidies for developing new technologies
ESG targets and metrics will be integrated in our financial documentations.

3. 9M 2023 OVERVIEW

9M 2023 IN BRIEF

The general slowdown in demand continued to impact volumes in Q3 both in cement (-7.9%) and rmx (-11.6%).

Successful pricing growth more than offset lower shipments year on year Selling prices have kept their level during Q3 in all the markets where we operate

Net Sales at 3,303 €m (+9.9%, +12.2% lfl), driven by the positive price variance. Negative fx impact of 69€m (due to currency depreciation in USA, Russia and Ukraine)

Improved Net Cash Position of 673 €m as of 30 September 2023, compared to 288 €m at the end of the previous year

Guidance confirmed: recurring EBITDA expected to reach 1,100 – 1,200 €m

Italian Champions Conference | 12 December 2023

9M 2023 HIGHLIGHTS

NET SALES BY COUNTRY

9M 23	9M 22	∆	∆	Forex	∆ l-f-l
		abs	%	abs	%
616.1	541.5	74.6	+13.8	-	+13.8
1,325.7	1,191.0	134.7	+11.3	(24.3)	+13.4
674.6	607.7	66.8	+11.0	-	+11.0
165.2	169.4	(4.2)	-2.5	-	-2.5
159.6	152.0	7.6	+5.0	4.7	+1.9
121.7	110.5	11.2	+10.1	2.4	+8.0
63.6	47.5	16.1	+33.8	(12.9)	+60.9
226.5	215.5	11.0	+5.1	(38.5)	+23.0
(50.5)	(31.2)	(19.2)
3,302.5	3,004.0	298.6	+9.9	(68.7)	+12.2
					+24.0
296.9	298.0	(1.1)	-0.4	2.1	-1.1
	766.4	552.7	213.7	+38.7	80.9

4. OUR JOURNEY TO NET ZERO

REDUCTION OF CO² EMISSION

Specific gross CO² emissions declined by another 3.6% vs 2021 to 664 kg CO² /t cem.mat, reaching the target of -5% vs 2017

Main factors which contributed to meet the target:
Significant reduction of clinker factor thanks to the changes in product mix applied by every country
Further increase in alternative fuels rate

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

ROADMAP 2030 – 2050

Realistic path to turn ambition into reality

EXPECTED CAPEX BY 2030

750 €m

Expected capex requirements for 2030 target

20-30%

CO² specific capex on total annual spending

~ 8%

Capex to net sales ratio over the period

2030 CO² TARGETS VALIDATED BY SBTi

In March 2023, the Science Based Targets initiative (SBTi) has formally validated the scope 1 and scope 2 decarbonization targets envisaged by the roadmap "Our Journey to Net Zero"

Our targets are aligned with the objective of keeping climate warming "well below 2°", as defined by the 2015 Paris Climate Agreement.

APPENDIX

VOLUMES

Cement (mt) Ready-mix concrete (mm³ )

PRICE INDEX BY COUNTRY

FY 2016=100

Italian Champions Conference | 12 December 2023 27

HISTORICAL CEMENT CONSUMPTION BY COUNTRY

2022 CEMENT CONSUMPTION VS PEAK

Per capita consumption (kg)

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.