Buzzi Unicem — Investor Presentation 2025

Nov 7, 2025

Investor Roadshow Kepler Cheuvreux

Milan, 7 November 2025

EXECUTIVE SUMMARY

COMPANY OVERVIEW INVESTMENT HIGHLIGHTS 9M 2025 OVERVIEW OUR JOURNEY TO NET ZERO

COMPANY OVERVIEW

BUZZI AT A GLANCE:

WELL POSITIONED TO CATCH FUTURE OPPORTUNITIES

International presence

Well balanced portfolio with exposure to mature as well as emerging markets

Asset quality and network

More than 40 mt of cement capacity available and 350 of concrete plants

Long term strategy

Long-term oriented core shareholder and highly experienced top management

Results oriented

Proven ability to deliver strong financial performance and free cash flows

Capital allocation driven by

Selective capex, M&A investments and improving shareholders' remuneration

Sustainable growth

Clear commitments on the three ESG focus areas and ambitious CO2 targets

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

United States

2009-2011

New lines in

Russia

United States

2014

Acquisition of Korkino

Russia

2018-2021

50% acquisition of Cimento

Nacional in 2018

Acquisition of CRH Brazilian assets

1979

Acquisition of

Alamo

Cement

United States

2001

Acquisition of a minority stake in Dyckerhoff

(34%)

Acquisition of a minority stake in

1981

Corporacion Moctezuma

United States

Central and Eastern Europe

2013

Dyckerhoff minority squeeze out

2004

Controlling stake and full consolidation

of Dyckerhoff

2017 Zillo acquisition

2024

Full control over Cimento

Nacional

Sale of Ukrainian assets

2025

Buzzi enters the share capital of

Gulf Cement Company

UAE

Existing markets

BUZZI TODAY

OPERATIONAL SUMMARY AND KEY NUMBERS

INVESTMENT HIGHLIGHTS

INDUSTRY LEADING PERFORMANCE THROUGH THE CYCLE

Net Sales

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

EBITDA

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 (proportional method)	EBITDA	601.3	697.3	672.8	737.6	865.9	937.3	976.4	1,096.0	1,520.3	1,498.7
	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

~5.2 €billion

Cumulative Net Cash from Operation generated over 10 years

~2.7 €billion

Cumulative investments in industrial assets over the period

~8.0%

Average Capex/Sales ratio: track record of disciplined and selective investment decisions

~0.6 €billion

Cumulative financial investments to enter in new market (Brazil) or to strengthened our position in existing markets

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

9M 2025 OVERVIEW

9M 2025 IN BRIEF

• Net Sales slightly increased on a lfl basis, with limited impact from price-volume. Unfavorable forex fluctuations more than offset by the positive impact of perimeter expansion.
• Price over cost evolution strengthened in Benelux, Poland and Czech Republic, while respectively higher costs and weak pricing affected the US and Germany.
• Robust operating cash flow underpins sustained industrial capex, new M&A initiatives, and enhanced shareholder returns.
• Guidance for full year 2025 remains unchanged, projecting recurring EBITDA between €1,100 and 1,200 million.

NET SALES BY COUNTRY

	9M 25	9M 24	∆	∆	Forex	Scope	∆ l-f-l
EURm			abs	%	abs	abs	%
Italy	591.0	607.6	(16.6)	-2.7	-	(34.2)	+3.1
United States	1,220.7	1,294.8	(74.1)	-5.7	(35.6)	-	-3.0
Germany	609.1	599.4	9.8	+1.6	-	-	+1.6
Lux / Netherlands	146.4	133.2	13.2	+9.9	-	(2.5)	+12.0
Poland	152.8	127.8	25.1	+19.6	2.3	-	+17.8
Czech Rep / Slovakia	165.3	154.0	11.3	+7.3	1.6	-	+6.3
Brazil	265.0	-	265.0	n.s.	-	265.0	n.s.
United Arab Emirates	48.8	-	48.8	n.s.	-	48.8	n.s.
Ukraine	-	71.3	(71.3)	n.s.	-	(71.3)	n.s.
Russia	240.2	226.4	13.9	+6.1	8.3	-	+2.5
Eliminations	(33.0)	(30.2)	(2.8)
Total	3,406.2	3,184.3	222.0	+7.0	(23.4)	205.7	+1.2
Mexico (100%)	693.5	786.5	(93.0)	-11.8	(89.8)	-	-0.4
Brazil (100%)	265.0	288.9	(23.9)	-8.3	(28.9)	-	+1.7

OUR JOURNEY TO NET ZERO

«OUR JOURNEY TO NET ZERO»

ROADMAP UPDATE

2024

557 KgCO2/t cem.ious prod.

CO2 emissions reduction in line with our roadmap

2030

<500 KgCO2/t cem.ious prod.

Target confirmed

APPENDIX

HISTORICAL VOLUME EVOLUTION

Cement (mt) Ready-mix concrete (mm³ )

PRICE INDEX BY COUNTRY

HISTORICAL CEMENT CONSUMPTION BY COUNTRY

2024 CEMENT CONSUMPTION VS PEAK

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.