Buzzi (BZU) H1 2026 earnings summary

Executive summary

• Net sales for H1 2026 were stable at €2,188.5 million (+0.1% YoY), with cement volumes up 5.4% due to scope changes and UAE expansion, while ready-mix volumes declined 4.2%.

• EBITDA declined 8.2% to €482.7 million, with margin contracting to 21.7% from 24.0%, mainly due to cost inflation and adverse FX impacts; recurring EBITDA was €475.2 million (-9.7%).

• Net profit fell 16.8% to €324.5 million, reflecting lower operating profit and higher production costs.

• Net cash position at period end was €896.1 million, down from €1,110 million at year-end 2025, mainly due to share buybacks, higher capex, and dividends.

• S&P confirmed investment-grade rating (BBB+/A-2, stable outlook).

Financial highlights

• Cement and clinker sales reached 15.7 million tons (+5.4% YoY); ready-mix concrete sales were 4.6 million m³ (-4.2%).

• EBITDA margin dropped to 21.7% (from 24.0%); EBIT was €311.4 million (-14.9% YoY); net profit margin was 14.8% (down from 17.7%).

• Net cash from operating activities was €261.5 million, down from €354.3 million in H1 2025.

• Investments totaled €275.2 million in capex, including €48 million for environmental and decarbonization projects.

• Share buyback program deployed €180.3 million in H1, with 4.06 million shares repurchased.

Outlook and guidance

• Full-year 2026 recurring EBITDA is forecast at €1,100–1,200 million, with demand in main geographies expected to remain stable and margins under pressure from cost inflation and FX.

• H2 trends expected to mirror H1, with some improvement in Brazil, Mexico, and Eastern Europe; US and Germany face margin pressure.

• Pricing discipline and energy cost incentives in Italy and Germany are expected to support profitability.

• UAE outlook positive but exposed to geopolitical and logistical risks.

• Inflationary pressures and FX headwinds, especially from USD weakness, anticipated to persist.