Buzzi Unicem — Investor Presentation 2025

Sep 4, 2025

Infrastructure, Energy & Defence Day Borsa Italiana

Milan, 4 September 2025

EXECUTIVE SUMMARY

COMPANY OVERVIEW INVESTMENT HIGHLIGHTS H1 2025 OVERVIEW OUTLOOK 2025 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

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

2009-2011 New lines in United States Russia

Russia 2014 Acquisition of Korkino

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

New markets Existing markets

BUZZI TODAY

OPERATIONAL SUMMARY AND KEY NUMBERS

INVESTMENT HIGHLIGHTS

INDUSTRY LEADING PERFORMANCE THROUGH THE CYCLE

0

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
	EBITDA	(37.2)	(22.2)	(79.7)	(1.7)	43.4	33.8	40.8	82.0	175.2	196.6
Italy	margin	-9.8%	-5.9%	-18.6%	-0.4%	8.6%	6.8%	6.8%	11.3%	21.4%	24.0%
	EBITDA	72.1	76.8	78.1	82.5	102.3	123.8	127.5	120.5	189.1	164.1
Germany	margin	12.6%	13.4%	13.3%	13.0%	15.1%	17.3%	18.0%	15.1%	21.7%	20.7%
	EBITDA	19.7	25.8	17.6	23.1	22.7	21.7	16.5	7.0	28.1	14.5
Benelux	margin	11.7%	14.7%	9.4%	11.7%	11.8%	11.3%	8.2%	3.1%	13.1%	7.9%
	EBITDA	32.6	34.4	36.5	43.6	46.3	46.8	51.3	56.8	72.0	68.0
Czech Rep/ Slovakia	margin	24.0%	25.2%	24.7%	26.5%	27.5%	29.4%	28.9%	28.2%	35.2%	32.6%
	EBITDA	22.7	23.4	24.1	31.9	32.1	35.3	31.3	27.2	38.2	40.1
Poland	margin	20.4%	24.6%	24.9%	28.6%	25.9%	29.9%	24.8%	19.2%	24.3%	23.1%
	EBITDA	4.0	12.8	16.0	7.0	21.0	21.9	13.3	(6.8)	5.6	3.6
Ukraine	margin	5.7%	16.1%	16.9%	8.0%	15.9%	18.9%	10.5%	-11.4%	6.5%	5.1%
	EBITDA	48.4	43.2	46.0	50.1	57.7	52.9	58.6	99.6	96.2	97.1
Russia	margin	29.0%	28.0%	24.9%	27.0%	26.9%	28.3%	28.3%	34.3%	33.8%	33.0%
	EBITDA	311.7	356.5	369.6	341.2	402.7	444.2	455.1	497.5	639.2	663.8
USA	margin	28.1%	31.9%	33.0%	31.9%	32.4%	35.2%	34.2%	31.3%	36.7%	38.4%
	EBITDA										28.5*
Brazil	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%
	EBITDA	128.1	146.7	164.6	144.5	126.1	132.5	141.3	152.9	232.8	222.6
Mexico (50%)	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

In June 2025, S&P upgraded the longterm rating from "BBB" to "BBB+", confirming the "A-2" short-term rating. The outlook is stable.

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
Maintaining sound investment grade metrics (Net debt/EBITDA ratio below 1.5 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.

H1 2025 OVERVIEW

H1 2025 IN BRIEF

On a lfl basis, volume rebound in Central and Eastern Europe more than offsetting demand weakness in United States.

Including scope changes, Q2 volumes grew by 24.3% in cement and by 3.4% in rmx.

Net Sales up 6.5%, mainly boosted by changes in the consolidation perimeter (+116m). H1 EBITDA stood at 526m (+30m from scope changes).

At constant perimeter, margins strengthened in Benelux, Poland and Czech Republic, supported by lower energy costs and improved operating leverage. However, higher production costs weighed on margins in US, Germany and Italy.

Albeit the robust cash generation from operation, Net Cash Position diminished by 64m due to recent M&A, FX impact and dividends.

* Recurring

NET SALES VARIANCE BY REGION

(€m)

1H 24 ITALY CENTRAL EUROPE EASTERN EURPE USA BRAZIL Others* 1H 25

EBITDA VARIANCE

(€m)

CASH GENERATION & CAPITAL ALLOCATION

(1) Mainly including GCC and Alpacem Austria (2) 50m in 1H 2024: cash-in from Mexico postponed to H2 (3) Mainly Fanna sale

OUTLOOK 2025

OUTLOOK 2025

While recent forecasts point to slightly more optimistic prospects in Europe, the economic conditions that have emerged in the United States in recent months have inevitably raised questions about the resilience of construction activities in the country.

• USA: full catch up threatened by a more uncertain economic scenario and a prolonged demand slowdown
• Italy: recent developments in line with demand stabilization
• Central Europe: slightly better outlook with recovery expected to continue in the second part of the year, albeit at a more moderate pace
  • Eastern Europe: prospects on construction activities remain optimistic in Czech Republic e Poland
  • Brazil: resilient domestic demand evolution to continue
  • Mexico: deceleration of economic growth to cause a construction investments slowdown

This new scenario, along with, to a greater extent, the wide fluctuations in the exchange rates of the US dollar and Brazilian real, has led us to revise our expectations for the current year.

Based on the above considerations and the changes in the scope of consolidation, we now expect to achieve a recurring EBITDA for the full-year 2025 between €1,100 and 1,200 million.

OUR JOURNEY TO NET ZERO

«OUR JOURNEY TO NET ZERO» ROADMAP UPDATE

APPENDIX

HISTORICAL VOLUME EVOLUTION

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.