E&C Conference

Milan, 13 April 2023

EXECUTIVE SUMMARY

2. KEY INVESTMENT HIGHLIGHTS
3. 2022 OVERVIEW
4. 2023 OUTLOOK

1. COMPANY OVERVIEW

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

MORE THAN 110 YEARS OF HISTORY

1907-50	1951-75	1976-99	2000-15	2016-22
1907 Foundation by Pietro and Antonio Buzzi; Trino (IT) cement plant 1925 Casale Monferrato (IT) cement plant 1949 Fratelli Buzzi becomes joint stock company	1959 AITEC foundation; The 3rd generation joins the company 1965 Robilante (IT) cement plant 1967 Start of ready-mix concrete production 1975 Start of expanded clay production	1979 Entry into the USA market (Alamo) 1981 Entry into the Mexican market 1990 Entry into the additives market (Addiment Italia) 1999 Unicem acquisition; Buzzi Unicem Spa and Unicalcestruzzi Spa have been founded; Listing on Italian Stock Exchange*	2001 Dyckerhoff acquisition (34%)** 2004 Buzzi Unicem USA has been founded 2007-2010 100th anniversary • Entry in Algerian market • • New line in Russia and in Missouri (US) • Greenfield plant in Veracruz (MX) 2013 Dyckerhoff 100% 2014 - 2015 Acquisition of Korkino	2017-2019 Bolt-on acquisition in Italy and Germany 2018 Entry into the Brazilian market 2020 CCU/S International projects: Cleanker and Catch4Climate 2021 Expansion in Brazil: acquisition of CRH Brazil assets 2022 Ceasement of the operational involvement in Russia
() Since 2007 Buzzi Unicem is included in the FTSE MIB Index (*) New markets: Poland, Czech Republic, Ukraine, Germany, Luxemburg, Netherlands and Russia			plant (RU); New line in Maryneal (TX)

SHAREHOLDERS STRUCTURE AND DIVIDENDS

10%

15%

20%

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
	EBITDA	(5.9)	(18.1)	(18.7)	(37.2)	(22.2)	(79.7)	(1.7)	43.4	33.8	40.8	82.0
Italy	margin	-1.2%	-4.2%	-4.8%	-9.8%	-5.9%	-18.6%	-0.4%	8.6%	6.8%	6.8%	11.3%
	EBITDA	72.2	108.1	88.6	72.1	76.8	78.1	82.5	102.3	123.8	127.5	120.5
Germany	margin	12.0%	18.0%	14.7%	12.6%	13.4%	13.3%	13.0%	15.1%	17.3%	18.0%	15.1%
	EBITDA	8.3	11.5	15.9	19.7	25.8	17.6	23.1	22.7	21.7	16.5	7.0
Benelux	margin	4.3%	6.3%	9.7%	11.7%	14.7%	9.4%	11.7%	11.8%	11.3%	8.2%	3.1%
	EBITDA	25.4	19.2	27.0	32.6	34.4	36.5	43.6	46.3	46.8	51.3	56.8
Czech Rep/ Slovakia	margin	17.0%	14.6%	20.2%	24.0%	25.2%	24.7%	26.5%	27.5%	29.4%	28.9%	28.2%
	EBITDA	21.8	27.1	18.2	22.7	23.4	24.1	31.9	32.1	35.3	31.3	27.2
Poland	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%
	EBITDA	96.1	92.6	73.4	48.4	43.2	46.0	50.1	57.7	52.9	58.6	99.6
Russia	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%
Group	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%
	EBITDA	97.5	77.5	93.9	128.1	146.7	164.6	144.5	126.1	132.5	141.3	152.9
Mexico (50%)	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%
Group	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 Invested ~ 700 million euros in equity investments, in order to enter in new countries (Brazil, 2018) and to strenghten 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%

EURm

From 2010, ~ 860 million euros returned to shareholders, thereof:
600+ million euros as dividends
- ~ 250 million euros as buybacks
~ 30% cash returned to shareholders

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.

4. 2022 OVERVIEW

2022 IN BRIEF

Net Sales growth in every region. Consolidated figures reached 3,996 €m (+9.6% lfl), highest result in company history. Strong increase in recurring EBITDA (892 €m; +3.1% lfl). Italy and US compensated weaker Central and Eastern Europe. EBITDA margin below 2021 but it recovered during H2 thanks to pricing momentum and some softening in energy prices.

Cash generated from operations suffered from working capital absorption and higher capex. ROCE over WACC still positive despite higher cost of capital.

Shareholders return: increased dividend by +12.5% at 0.45 € ps. Payout ratio approaching 20%.

Specific CO² emissions (gross) reduced by 3.6% vs 2021 allowing to reach the internal target (-5% vs 2017) 2030 CO² reduction program validated by SBTi and aligned to "well below 2°" scenario.

2023 group recurring EBITDA (ex. Russia) expected to remain stable versus 2022.

2022 KEY FIGURES

* Recurring ** adj by non rec. Items, including goodwill

NET SALES AND EBITDA BREAKDOWN BY AREA

Italy's contribution to EBITDA doubled: prices and power subsidies fully offset negative volumes and spike in energy costs.
Central Europe slipped back due to costs inflation and less aggressive pricing strategy; Eastern Europe stable despite Ukraine.
USA remained the biggest contributor to consolidated recurring EBITDA

EBITDA BRIDGE

ENERGY COSTS

* ex. Russia; only cement

CO² REDUCTION ON TRACK

Specific gross CO² emissions declined by 3.6% to 664 kg CO² /t cem.mat, reaching the target as planned (-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

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.

4. 2023 OUTLOOK

2023 OUTLOOK

Construction investments are expected to weaken in 2023, both in US and Europe. Higher construction costs as well as financing costs are going to weight on building activity.

Energy prices are expected to progressively stabilize during 2023, at levels anyway higher than 2022.

USA: cement demand underpinned by infrastructures spending with residential expected to decline D-D. Further round up of selling prices

Italy: weaker demand due to the decline in the residential sector and the lack of the implementation of NRRP. Better avg selling prices thanks to carry-over effect

Central Europe, Poland and Czech: construction activity to slowdown due to inflation and higher rates. Public support on infrastructure and residential renovation. Generalized focus on price increases in order to compensate lower volumes Mexico: construction activity expected to remain buoyant thanks to robust residential and to "near-shoring". Better prices Brazil: stable demand and likely additional price improvements

APPENDIX

E&C Conference | 13 April 2023 25

VOLUMES

PRICE INDEX BY COUNTRY

FY 2016=100

NET SALES BY COUNTRY

	2022	2021	∆	∆	Forex	Scope	∆ l-f-l
EURm			abs	%	abs	abs	%
Italy	726.2	604.7	121.5	+20.1	-	-	+20.1
United States	1,591.8	1,329.6	262.2	+19.7	174.6	-	+6.6
Germany	798.8	708.1	90.7	+12.8	-	-	+12.8
Lux / Netherlands	226.9	201.1	25.8	+12.8	-	(0.6)	+13.2
Czech Rep / Slovakia	201.2	177.5	23.7	+13.4	7.6	-	+9.1
Poland	141.3	126.4	14.9	+11.8	(3.7)	-	+14.7
Ukraine	59.8	127.0	(67.3)	-53.0	(3.3)	-	-50.4
Russia	290.4	207.4	83.0	+40.0	44.4	-	+18.6
Eliminations	(40.8)	(36.2)	(4.6)
Total	3,995.5	3,445.6	550.0	+16.0	219.5	(0.6)	+9.6
Mexico (100%)	768.5	661.6	107.0	+16.2	80.5	-	+4.0
Brazil (100%)	400.2	253.4	146.8	+57.9	57.3	(33.8)	+22.0

EBITDA BY COUNTRY

	2022	2021	∆	∆	Forex	Scope	∆ l-f-l
EURm			abs	%	abs	abs	%
Italy*	82.0	40.8	41.2	n.s.	-	-	n.s.
United States	497.5	455.1	42.3	+9.3	54.6	-	-2.7
Germany	120.5	127.5	(7.0)	-5.5	-	-	-5.5
Lux / Netherlands	7.0	16.5	(9.5)	-57.6	-	(0.3)	-56.8
Czech Rep / Slovakia	56.8	51.3	5.5	+10.7	2.4	-	+6.0
Poland	27.2	31.3	(4.1)	-13.1	(0.7)	-	-10.8
Ukraine	(6.8)	13.3	(20.1)	n.s.	0.4	-	n.s.
Russia	99.6	58.6	41.0	+70.0	15.2	-	+44.0
Adjustments	-	0.2
Total	883.7	794.6	89.0	+11.2	71.8	(0.3)	+2.2

Mexico (100%)	305.8	282.7	23.1	+8.2	32.0	-	-3.2
Brazil (100%)	118.7	80.9	37.8	+46.7	17.0	(6.0)	+18.3

*including 8.7 EURm of non recurring costs

CONSOLIDATED INCOME STATEMENT

	2022	2021	∆	∆
EURm			abs	%
Net Sales	3,995.5	3,445.6	550.0	+16.0
EBITDA	883.7	794.6	89.0	+11.2
of which, non recurring	8.7	1.3
% of sales (recurring)	22.3%	23.1%
Depreciation and amortization	(388.9)	(249.0)	(139.9)
Operating Profit (EBIT)	494.8	545.6	(50.8)	-9.3
% of sales	12.4%	15.8%
Equity earnings	117.6	124.1	(6.4)
Net finance costs	(23.1)	(34.4)	11.3
Profit before tax	589.3	635.3	(46.0)	-7.2
Income tax expense	(130.5)	(93.0)	(37.6)
Net profit	458.8	542.3	(83.5)	-15.4
Minorities	-	(0.4)	0.4
Consolidated net profit	458.8	541.9	(83.1)	-15.3

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.