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Buzzi Unicem Investor Presentation 2026
4218_rns_2026-04-09_f017fffb-5f3e-423a-acde-c85a869b4b66.pdf
Investor Presentation
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azzamalca
E&C Conference
Equita
Milan, 9 April 2026
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CENTRE
EXECUTIVE SUMMARY
COMPANY OVERVIEW
INVESTMENT HIGHLIGHTS
FY 2025 OVERVIEW
OUTLOOK 2026
OUR JOURNEY TO NET ZERO
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GENMES
COMPANY OVERVIEW
E&C Conference- Equita | 9 April 2026
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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 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 |
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TELEFORSA
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
Russia
United States | 2014
Acquisition of Korkino
Russia | 2018-2021
50% acquisition of Cimento Nacional in 2018
Acquisition of CRH Brazilian assets
Brazil |
| --- | --- | --- | --- | --- |
| 1979
Acquisition of Alamo Cement
United States
New markets
Existing markets | 2001
Acquisition of a minority stake in Dyckerhoff (34%)
1981
Acquisition of a minority stake in Corporacion Moctezuma
Mexico | 2004
Controlling stake and full consolidation of Dyckerhoff
United States
Central and Eastern Europe | 2013
Dyckerhoff minority squeeze out
2017
Zillo acquisition
Italy | 2024
Full control over Cimento Nacional
Sale of Ukrainian assets
2025
Buzzi enters the share capital of Gulf Cement Company
UAE |
E&C Conference- Equita | 9 April 2026
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BUZZI TODAY
OPERATIONAL SUMMARY AND KEY NUMBERS
| OWNERSHIP | @ 31/03/2026 |
|---|---|
| Buzzi family | 53.0% |
| Treasury | 7.2% |
| Market | 39.8% |
| Market Cap ~8.3 €b | |
| NET SALES | |
| (FY 2025) | 4.5 €b |
| EBITDA | |
| (FY 2025) | 1.2 €b |
| NET CASH | |
| (FY 2025) | 1.1 €b |
GROUP STRUCTURE AND OPERATION (2025) – GROUP EXPOSURE BY REGION (%)
| ITALY | CENTRAL EU | EASTERN EU | USA | BRAZIL | UAE | |
|---|---|---|---|---|---|---|
| % Sales | 17% | 22% | 16% | 35% | 8% | 2% |
| % EBITDA | 15% | 12% | 17% | 47% | 8% | 1% |
| #10 | #9 | #4 | #8 | #7 | #1 | |
| cement plants | cement plants | cement plants | cement plants | cement plants | Cem. plants | |
| 9.8mt | 8.6mt | 7.6mt | 10.2mt | 7.5mt | 2.4mt | |
| cement capacity | cement capacity | cement capacity | cement capacity | cement capacity | Cem. capacity | |
| #101 | #117 | #78 | #66 | |||
| rmx batch plants | rmx batch plants | rmx batch plants | rmx batch plants |
E&C Conference- Equita | 9 April 2026
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OUR PRESENCE
MEXICO*
- 3 plants
- 8.3 m/t cement production capacity
- 28 ready-mix batch plants
- 2 aggregate quarries
BRAZIL
- 7 plants
- 7.5 m/t cement production capacity
- 4 deposits and terminals
UNITED STATES
- 8 plants
- 10.2 m/t cement production capacity
- 64 ready-mix batch plants
- 4 aggregate quarries
- 36 deposits and terminals
ITALY
- 10 plants
- 9.8 m/t cement production capacity
- 101 ready-mix batch plants
- 6 aggregate quarries
- 4 deposits and terminals
ALGERIA**
- 2 plants
- 2.0 m/t cement production capacity
GERMANY, LUXEMBOURG AND NETHERLANDS
- 9 plants
- 8.6 m/t cement production capacity
- 117 ready-mix batch plants
- 3 aggregate quarries
- 2 deposits and terminals
POLAND
- 1 plant
- 1.6 m/t cement production capacity
- 18 ready-mix batch plants
- 1 terminal
CZECH REPUBLIC AND SLOVAKIA
- 1 plant
- 1.1 m/t cement production capacity
- 60 ready-mix batch plants
- 5 aggregate quarries
SLOVENIA
- 1 plant
- 1.3 m/t cement production capacity
- 3 ready-mix batch plants
- 3 aggregate quarries
- 1 depots and terminals
RUSSIA
- 2 plants
- 4.9 m/t cement production capacity
- 1 terminal
UNITED ARAB EMIRATES
- 1 plant
- 2.4 m/t cement production capacity
Data refer to 31 December 2025
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GENMES
INVESTMENT HIGHLIGHTS
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E&C Conference- Equita | 9 April 2026
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CEMENTRE
INDUSTRY LEADING PERFORMANCE THROUGH THE CYCLE
Net Sales
CAGR (2016-2025): +6.0%
Solid growth fuelled by sound demand and significant price re-rating in recent years
EBITDA
CAGR (2016-2025): +9.4%
Over proportional growth to Net Sales, with EBITDA which has more than doubled
Margin protection
Pass through of higher costs on selling prices
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HISTORICAL EBITDA BY COUNTRY
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Italy | EBITDA | (22.2) | (79.7) | (1.7) | 43.4 | 33.8 | 40.8 | 82.0 | 175.2 | 196.6 | 184.0 |
| margin | -5.9% | -18.6% | -0.4% | 8.6% | 6.8% | 6.8% | 11.3% | 21.4% | 24.0% | 23.3% | |
| Germany | EBITDA | 76.8 | 78.1 | 82.5 | 102.3 | 123.8 | 127.5 | 120.5 | 189.1 | 164.1 | 121.7 |
| margin | 13.4% | 13.3% | 13.0% | 15.1% | 17.3% | 18.0% | 15.1% | 21.7% | 20.7% | 15.2% | |
| Benelux | EBITDA | 25.8 | 17.6 | 23.1 | 22.7 | 21.7 | 16.5 | 7.0 | 28.1 | 14.5 | 26.0 |
| margin | 14.7% | 9.4% | 11.7% | 11.8% | 11.3% | 8.2% | 3.1% | 13.1% | 7.9% | 13.2% | |
| Czech Rep/ Slovakia | EBITDA | 34.4 | 36.5 | 43.6 | 46.3 | 46.8 | 51.3 | 56.8 | 72.0 | 68.0 | 74.9 |
| margin | 25.2% | 24.7% | 26.5% | 27.5% | 29.4% | 28.9% | 28.2% | 35.2% | 32.6% | 33.8% | |
| Poland | EBITDA | 23.4 | 24.1 | 31.9 | 32.1 | 35.3 | 31.3 | 27.2 | 38.2 | 40.1 | 57.2 |
| margin | 24.6% | 24.9% | 28.6% | 25.9% | 29.9% | 24.8% | 19.2% | 24.3% | 23.1% | 29.2% | |
| Russia | EBITDA | 43.2 | 46.0 | 50.1 | 57.7 | 52.9 | 58.6 | 99.6 | 96.2 | 97.1 | 76.7 |
| margin | 28.0% | 24.9% | 27.0% | 26.9% | 28.3% | 28.3% | 34.3% | 33.8% | 33.0% | 25.3% | |
| USA | EBITDA | 356.5 | 369.6 | 341.2 | 402.7 | 444.2 | 455.1 | 497.5 | 639.2 | 663.8 | 584.8 |
| margin | 31.9% | 33.0% | 31.9% | 32.4% | 35.2% | 34.2% | 31.3% | 36.7% | 38.4% | 36.4% | |
| Brazil | EBITDA | 28.5* | 103.9 | ||||||||
| margin | 33.2% | 28.6% | |||||||||
| UAE | EBITDA | 7.5** | |||||||||
| margin | 8.8% | ||||||||||
| Consolidated (IFRS application) | EBITDA | 550.6 | 508.2 | 577.2 | 728.1 | 780.8 | 794.6 | 883.7 | 1,243.2 | 1,276.1 | 1,236.6 |
| margin | 20.6% | 18.1% | 20.1% | 22.6% | 24.2% | 23.1% | 22.1% | 28.8% | 29.6% | 27.4% | |
| Mexico (50%) | EBITDA | 146.7 | 164.6 | 144.5 | 126.1 | 132.5 | 141.3 | 152.9 | 232.8 | 222.6 | 215.7 |
| margin | 48.2% | 48.0% | 46.3% | 42.5% | 46.2% | 42.7% | 39.8% | 45.4% | 44.6% | 45.9% | |
| Consolidated (proportional method) | EBITDA | 697.3 | 672.8 | 737.6 | 865.9 | 937.3 | 976.4 | 1,096.0 | 1,520.3 | 1,498.7 | 1,452.3 |
| margin | 23.5% | 21.4% | 22.7% | 24.2% | 26.2% | 25.0% | 23.3% | 30.2% | 31.1% | 29.1% |
*Full consolidated starting from Q4 2024
** Full consolidation starting from Q2 2025
E&C Conference- Equita | 9 April 2026
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GENME
SOUND CASH GENERATION AND VALUE CREATIVE CAPITAL ALLOCATION
~5.8 €billion
Cumulative Net Cash from Operation generated over 10 years
~2.8 €billion
Cumulative investments in industrial assets over the period
~7.8%
Average Capex/Sales ratio: track record of disciplined and selective investment decisions
~0.8 €billion
Cumulative financial investments to enter in new market (Brazil and UAE) and to strengthened our position in existing markets
E&C Conference- Equita | 9 April 2026
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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 2025.
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 long-term rating from "BBB" to "BBB+", confirming the "A-2" short-term rating. The outlook is stable.
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CENTRAL
SUSTAINABLE GROWTH IN SHAREHOLDERS REMUNERATION
* 2025 – €0.70 subjected to AGM approval (13 May 2026)
+17%
Equity FCF CAGR
Thanks to strengthened operating results, selective CAPEX and reduced interests through deleveraging
~1.1 €billion
Returned to shareholders since 2016
~710 € million as dividend
~400 € million as buyback
Shareholders Return Growth
Commitment to a sustainable dividend policy, complemented by share buybacks and share cancellations.
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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.
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GENMES
FY 2025 OVERVIEW
1
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FY 2025 IN BRIEF
Cement Volume (mt)
Ready-mix volume (mm³)
Net Sales (€m)
EBITDA (€m)
EBITDA Margin (%)
Net Financial Position (€m)
Cement volumes increased vs. 2024, driven by Brazil consolidation and UAE acquisition; ready-mix concrete +1.8% supported by favorable European production trends.
Stable LFL net sales. Turnover negatively impacted by FX (-€51m) and supported by a positive scope effect (+€233m).
EBITDA fell by 3.1%. Scope effects had a positive impact of €61m, partially offset by the unfavorable FX variance of €20m.
Stable operating performance, supported by an expanded perimeter. Eastern Europe benefited from a favorable price-over-cost dynamic, while margins in other regions declined versus 2024.
Strong cash generation from operating activities to support increased capital expenditures, strategic M&A investments, and enhanced shareholder returns
E&C Conference- Equita | 9 April 2026
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NET SALES VARIANCE BY REGION
(€m)
- Consolidated from Q4 2024
** Consolidated from Q2 2025
*** Intercompany eliminations and adjustments
Unfavorable impact
Favorable impact
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CENTRES
EBITDA VARIANCE
(€m)
*Including inventory changes, legal and consultancy cost
Unfavorable impact
Favorable impact
f
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CASH GENERATION & CAPITAL ALLOCATION
(€m)
Unfavorable impact
Favorable impact
Net Cash Flow from Op.
Capex
304 448 425
-5.2%
2023 2024 2025
Dividends paid
2023 2024 2025
- Mainly including GCC and Alpacem Austria
** Mainly Fanna sale
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GENMES
OUTLOOK 2025
1
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WESTLAND
OREGON
SEMINAR
OUTLOOK 2026
Construction activity is anticipated to remain steady across nearly all key markets where we operate. Nevertheless, geopolitical tensions and their effects on global trade are introducing considerable uncertainty regarding the projections for the year.
- USA: residential demand is expected to decline, with only limited growth in the near term. Despite continued momentum in the development of data centers and related infrastructure, the non-residential segment is also likely to remain subdued.
- Italy: residential activity is set to weaken, while public infrastructure is likely to remain resilient thanks to the PNRR.
- Central Europe: construction sector is set to accelerate its recovery, with Germany well positioned to have a positive performance, supported by the Federal Infrastructure Plan.
- Eastern Europe: favourable construction dynamics in the Czech Republic and Poland, supported by government initiatives.
- Brazil: anticipated positive trend. Easing of monetary policy, if real, should boost construction projects.
- UAE: positive contribution is expected, supported by the first full year of consolidation, despite risks arising from Middle Eastern geopolitical tensions.
- Mexico: after the 2025 contraction in the construction sector, a slow recovery is expected.
Expected rising production cost driven by inflation. The energy component is likely to remain volatile, given the current geopolitical risks. Full commitment to the price over cost evolution in all the regions, to preserve margin.
FX effect is expected to weigh on results, primarily due to the weakness of the US dollar.
Consolidated recurring EBITDA expected to marginally decline compared to 2025
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GEMINES
OUR JOURNEY TO NET ZERO
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«OUR JOURNEY TO NET ZERO»
ROADMAP UPDATE
Note: Roadmap perimeter updated with 2025 change in consolidation scope
2025
551
KgCO2/t cem.ious prod.
CO2 emissions reduction in line with our roadmap
2030
<500
KgCO2/t cem.ious prod.
Target confirmed
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CERTIFIED
APPENDIX
1
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ENERGY COST
Total energy cost evolution (cement only)
Excluding Russia
Power and Fuel cost evolution (cement only)
Excluding Russia
Power cost €/t
Fuel cost €/t
Power cost/Sales
Fuel cost/Sales
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HISTORICAL VOLUME EVOLUTION
Cement (mt)
Ready-mix concrete (mm³)
E&C Conference- Equita | 9 April 2026
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NET SALES BY COUNTRY
| 2025 | 2024 | Δ | Δ | Forex | Scope | Δ I-f-I | |
|---|---|---|---|---|---|---|---|
| EURm | abs | % | abs | abs | % | ||
| Italy | 790.9 | 818.0 | (27.1) | -3.3 | - | (43.4) | +2.1 |
| United States | 1,605.8 | 1,726.8 | (121.1) | -7.0 | (70.6) | - | -2.9 |
| Germany | 801.2 | 792.3 | 8.9 | +1.1 | - | - | +1.1 |
| Lux / Netherlands | 196.8 | 183.0 | 13.8 | +7.5 | - | (2.5) | +9.0 |
| Poland | 196.0 | 173.7 | 22.3 | +12.8 | 3.0 | - | +11.1 |
| Czech Rep / Slovakia | 221.3 | 208.5 | 12.8 | +6.1 | 3.7 | - | +4.4 |
| Brazil | 363.0 | 85.8 | 277.2 | n.s. | (5.1) | 265.0 | +20.2 |
| United Arab Emirates | 85.5 | - | 85.5 | n.s. | - | 85.5 | n.s. |
| Ukraine | - | 71.3 | (71.3) | n.s. | - | (71.3) | n.s. |
| Russia | 303.1 | 294.0 | 9.1 | +3.1 | 18.4 | - | -3.1 |
| Eliminations | (44.8) | (40.5) | (4.4) | ||||
| Total | 4,518.8 | 4,313.0 | 205.7 | +4.8 | (50.7) | 233.1 | +0.5 |
| Mexico (100%) | 940.4 | 998.3 | (57.9) | -5.8 | (87.2) | - | +2.9 |
| Brazil (100%) | 363.0 | 374.0 | (11.0) | -2.9 | (29.8) | - | +5.0 |
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EUROPEAN
EXPRESS
CONSOLIDATED INCOME STATEMENT
| 2025 | 2024 | Δ | Δ | |
|---|---|---|---|---|
| EURm | abs | % | ||
| Net Sales | 4,518.8 | 4,313.0 | 205.7 | +4.8 |
| EBITDA | 1,236.6 | 1,276.1 | (39.6) | -3.1 |
| of which, non recurring | 2.5 | 4.5 | ||
| % of sales (recurring) | 27.3% | 29.5% | ||
| Depreciation and amortization | (338.5) | (274.2) | (64.2) | |
| Operating Profit (EBIT) | 898.1 | 1,001.9 | (103.8) | -10.4 |
| % of sales | 19.9% | 23.2% | ||
| Equity earnings | 125.8 | 16.4 | 109.4 | |
| Net finance costs | 153.4 | 74.9 | 78.6 | |
| Profit before tax | 1,177.4 | 1,093.2 | 84.2 | +7.7 |
| Income tax expense | (253.3) | (150.7) | (102.6) | |
| Net profit | 924.1 | 942.5 | (18.4) | -2.0 |
| Minorities | (2.7) | (0.2) | (2.6) | |
| Consolidated net profit | 921.3 | 942.3 | (21.0) | -2.2 |
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CONSOLIDATED CASH FLOW STATEMENT
| EURm | 2025 | 2024 |
|---|---|---|
| Cash generated from operations | 1,167.2 | 1,178.3 |
| % of sales | 25.8% | 27.3% |
| Interest paid | (27.5) | (28.5) |
| Income tax paid | (225.6) | (217.2) |
| Net cash from operating activities | 914.1 | 932.6 |
| % of sales | 20.2% | 21.6% |
| Capital expenditures | (425.0) | (448.4) |
| Equity investments | (97.1) | (318.7) |
| Purchase of treasury shares | (2.7) | (147.2) |
| Dividends paid | (126.9) | (111.1) |
| Dividends received from associates | 89.8 | 89.7 |
| Disposal of fixed assets and investments | 47.4 | 120.1 |
| Translation differences | (40.8) | 37.0 |
| Accrued interest payable | 5.1 | (2.8) |
| Interest received | 24.2 | 27.4 |
| Change in scope of consolidation and other | (12.2) | (221.5) |
| Change in net debt | 375.7 | (42.8) |
| Positive net financial position (end of period) | 1,130.9 | 755.2 |
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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.
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