Investor Roadshow Mediobanca

London, 15 April 2025

EXECUTIVE SUMMARY

COMPANY OVERVIEW INVESTMENT HIGHLIGHTS FY 2024 OVERVIEW OUTLOOK OUR JOURNEY TO NET ZERO

COMPANY OVERVIEW

BUZZI AT A GLANCE: WELL POSITIONED TO CATCH FUTURE OPPORTUNITIES

MORE THAN 110 YEARS OF HISTORY

1907-1970 Foundation by Pietro and Antonio Buzzi, with Trino cement plant

Expansion in Northern Italy

New markets

Existing markets

Start of the ready-mix concrete production

1999

Acquisition and incorporation of Unicem;

Listing on the Italian stock exchange with the name of Buzzi Unicem

Italy
United States

Corporacion Moctezuma

Mexico

2009-2011 New lines in United States Russia

Russia 2014 Acquisition of Korkino

Italy

acquisition

Brazil 2018-2021 50% acquisition of Cimento Nacional in 2018 Acquisition of CRH Brazilian assets

United States

Central and Eastern Europe

Buzzi enters the share capital of Gulf Cement Company UAE

BUZZI TODAY

OPERATIONAL SUMMARY AND KEY NUMBERS

INVESTMENT HIGHLIGHTS

INDUSTRY LEADING PERFORMANCE THROUGH THE CYCLE

1000

2000

3000

4000

Net Sales

CAGR (2015-2024): +5.5% Solid growth fuelled by sound demand and significant price re-rating in recent years

EBITDA

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

CAGR (2014-2023):+ 11.6% Over proportional growth to Net Sales, with EBITDA which has more than doubled

EBITDA MARGIN

+12 percentage points Leading performance, driven by cost efficiency and synergies

Margin protection

Pass through of higher costs on selling prices

HISTORICAL EBITDA BY COUNTRY

		2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Italy	EBITDA	(37.2)	(22.2)	(79.7)	(1.7)	43.4	33.8	40.8	82.0	175.2	196.6
	margin	-9.8%	-5.9%	-18.6%	-0.4%	8.6%	6.8%	6.8%	11.3%	21.4%	24.0%
Germany	EBITDA	72.1	76.8	78.1	82.5	102.3	123.8	127.5	120.5	189.1	164.1
	margin	12.6%	13.4%	13.3%	13.0%	15.1%	17.3%	18.0%	15.1%	21.7%	20.7%
Benelux	EBITDA	19.7	25.8	17.6	23.1	22.7	21.7	16.5	7.0	28.1	14.5
	margin	11.7%	14.7%	9.4%	11.7%	11.8%	11.3%	8.2%	3.1%	13.1%	7.9%
Czech Rep/ Slovakia	EBITDA	32.6	34.4	36.5	43.6	46.3	46.8	51.3	56.8	72.0	68.0
	margin	24.0%	25.2%	24.7%	26.5%	27.5%	29.4%	28.9%	28.2%	35.2%	32.6%
Poland	EBITDA	22.7	23.4	24.1	31.9	32.1	35.3	31.3	27.2	38.2	40.1
	margin	20.4%	24.6%	24.9%	28.6%	25.9%	29.9%	24.8%	19.2%	24.3%	23.1%
Ukraine	EBITDA	4.0	12.8	16.0	7.0	21.0	21.9	13.3	(6.8)	5.6	3.6
	margin	5.7%	16.1%	16.9%	8.0%	15.9%	18.9%	10.5%	-11.4%	6.5%	5.1%
Russia	EBITDA	48.4	43.2	46.0	50.1	57.7	52.9	58.6	99.6	96.2	97.1
	margin	29.0%	28.0%	24.9%	27.0%	26.9%	28.3%	28.3%	34.3%	33.8%	33.0%
USA	EBITDA	311.7	356.5	369.6	341.2	402.7	444.2	455.1	497.5	639.2	663.8
	margin	28.1%	31.9%	33.0%	31.9%	32.4%	35.2%	34.2%	31.3%	36.7%	38.4%
Brazil	EBITDA										28.5*
	margin										33.2%
Consolidated	EBITDA	473.2	550.6	508.2	577.2	728.1	780.8	794.6	883.7	1,243.2	1,276.1
(IFRS application)	margin	17.8%	20.6%	18.1%	20.1%	22.6%	24.2%	23.1%	22.1%	28.8%	29.6%
Mexico (50%)	EBITDA	128.1	146.7	164.6	144.5	126.1	132.5	141.3	152.9	232.8	222.6
	margin	40.9%	48.2%	48.0%	46.3%	42.5%	46.2%	42.7%	39.8%	45.4%	44.6%
Brazil (50%)	EBITDA				15.9	11.7	24.0	40.5	59.4	44.3
	margin				23.9%	17.4%	34.5%	31.9%	29.7%	22.5%
Consolidated	EBITDA	601.3	697.3	672.8	737.6	865.9	937.3	976.4	1,096.0	1,520.3	1,498.7
(proportional method)	margin	20.2%	23.5%	21.4%	22.7%	24.2%	26.2%	25.0%	23.3%	30.2%	31.1%

SOUND CASH GENERATION AND VALUE CREATIVE CAPITAL ALLOCATION

STRONG BALANCE SHEET, PRESERVING INVESTMENT CAPACITY FOR GROWTH

Consistent deleveraging

Achieved in 10 years, while continuing to create value

Net Cash position

Since the end of 2021, further strengthened in 2023. Strongest balance sheet in the industry

Investment grade metrics

Remain among our commitments, preserving the capacity to create value for the company and shareholders, while financing the Net Zero transition

SUSTAINABLE GROWTH IN SHAREHOLDERS REMUNERATION

+14%

Equity FCF CAGR Thanks to strengthened operating results, selective CAPEX and reduced interests through deleveraging

~990 €million

Returned to shareholders since 2014 ~590 € million as dividend ~400 € million as buyback

DPS growth

Commitment to a sustainable growth in dividend policy

DISCIPLINED AND BALANCED FINANCIAL APPROACH

Margin protection, through organic growth, adequate pricing and efficient cost management
Selective capex decisions (on average ~8% to Net Sales)
Value creation, confirming positive avg ROIC vs WACC spread
Financial soundness protection, maintaining investment grade metrics (Net debt/EBITDA ratio of 1.5 x – 2.0 x)
Focus on cash generation to serve external growth and shareholders remuneration
Access to fixed income markets and loan markets as well as private placements focusing on maturity profiles, flexibility and cost of funding.

FY 2024 OVERVIEW

FY 2024 IN BRIEF

Stable lfl Net Sales, thanks to the favorable price dynamic counterbalancing volume weakness.

EBITDA grew by 2.6%, mainly driven by changes in scope (+28m) and despite fx headwind (-10m). EBITDA Margin further improved to 29.6%.

Stable operating results at constant perimeter, with positive price over cost evolution in Italy and US offsetting lower margins in Central and Eastern Europe.

Sound cash generation from operating activities, to serve higher capex, M&A investments and improved shareholder returns.

2025 group recurring EBITDA expected to consolidate the excellent result level reached in 2024

NET SALES VARIANCE BY REGION

(€m)

EBITDA VARIANCE

(€m)

CASH GENERATION & CAPITAL ALLOCATION

OUTLOOK

OUTLOOK 2025

Construction activity expected to stabilize at low level in almost all the major markets we operate in. However, geopolitical risk and the resulting impact on international trades may cause a significant level of uncertainty about the outlook

USA: improving but still limited trend in residential; confirmed cement demand support from infrastructures spending and reshoring activity, but at a more moderate pace.
Italy: resilient demand driven by the implementation of PNRR, despite weak residential.
- Central Europe: housing investments still weighting on demand that is expected to stabilize after the significant decline experienced in previous years
- Eastern Europe: solid construction activities in Czech Republic e Poland
- Brazil: sound domestic demand evolution to continue
- Mexico: deceleration of economic growth to cause a construction investments slowdown
Increasing production costs driven by fixed cost and raw materials inflation, despite a less volatile energy component at group level

Full commitment to the price over cost evolution in all the regions

Group recurring EBITDA expected to consolidate the 2024 level.

OUR JOURNEY TO NET ZERO

«OUR JOURNEY TO NET ZERO» ROADMAP UPDATE

APPENDIX

VOLUMES

Cement (mt) Ready-mix concrete (mm³ )

PRICE INDEX BY COUNTRY

HISTORICAL CEMENT CONSUMPTION BY COUNTRY

2024 CEMENT CONSUMPTION VS PEAK

Total market (m ton) 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.