Buzzi Unicem — Investor Presentation 2026

Apr 14, 2026

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Investor Roadshow

Equita

Madrid, 14 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

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BUZZI AT A GLANCE:

WELL POSITIONED TO CATCH FUTURE OPPORTUNITIES

International presence	Asset quality and network	Long term oriented core shareholder and highly experienced top management	Results oriented	Capital allocation driven by	Sustainable growth
Well balanced portfolio with exposure to mature as well as emerging markets	More than 40 mt of cement capacity available and 350 of concrete plants		Proven ability to deliver strong financial performance and free cash flows	Selective capex, M&A investments and improving shareholders' remuneration	Clear commitments on the three ESG focus areas and ambitious CO2 targets

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INVESTOR

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 |

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OWNER
SEMINAR

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

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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

• Joint venture
  ** 35% ownership

Data refer to 31 December 2025

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GENMES

INVESTMENT HIGHLIGHTS

1

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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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GENOMICS

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

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OXFORD
SEMINAR

SOUND CASH GENERATION AND VALUE CREATIVE CAPITAL ALLOCATION

~5.8 Ebillion

Cumulative Net Cash from Operation generated over 10 years

~2.8 Ebillion

Cumulative investments in industrial assets over the period

~7.8%

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

~0.8 Ebillion

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

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Investor Roadshow - Equita | 14 April 2026
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SEEM

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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azermas

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

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Investor Roadshow - Equita | 14 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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EBITDA VARIANCE

(€m)

*Including inventory changes, legal and consultancy cost

Unfavorable impact
Favorable impact

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CASH GENERATION & CAPITAL ALLOCATION

(€m)

Unfavorable impact
Favorable impact

Net Cash Flow from Op.

Capex

304
448
425

Dividends paid

83
111
127

• Mainly including GCC and Alpacem Austria
  ** Mainly Fanna sale

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GENMES

OUTLOOK 2025

1

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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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CENTRAL

HISTORICAL VOLUME EVOLUTION

Cement (mt)

Ready-mix concrete (mm³)

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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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GREENMANA
CENTRAL

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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GENOMICS

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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