Buzzi (BZU) AGM 2026 presentation summary

Corporate structure and highlights

• Operates through a mix of consolidated subsidiaries, joint ventures, and associates across Europe, the Americas, and the Middle East.

• Major holdings include Unical, Dyckerhoff, Alamo Cement, Cimento Nacional, and Corporacion Moctezuma.

• Buzzi family holds 53.03% of shares, with 7.23% in treasury and 39.74% in the market.

Financial performance and capital allocation

• Net sales reached €4,318m in 2025, with a 6.0% CAGR since 2016; EBITDA at €1,237m, 9.4% CAGR.

• Net cash from operations totaled €5.8b over 10 years; average capex/sales ratio at 8%.

• Gross debt reduced by €1.1b over 10 years; net financial position at €1.13b by end of 2025.

• Dividend of €0.70 per share proposed for 2025; up to €200m authorized for share buybacks.

• Total cash to shareholders in 2025 was ~35% of net profit, including ongoing buybacks.

2025 operational overview

• Stable like-for-like net sales, with higher volumes in Central and Eastern Europe offset by FX losses.

• EBITDA declined 3.1% to €1,237m; margin fell 220 bps to 27.4%.

• Strong cash generation supported increased capex, M&A, and shareholder returns.

• 2026 recurring EBITDA expected to decline due to market and FX headwinds.