Buzzi (BZU) H2 2025 earnings summary

Executive summary

• Net sales increased by 4.8% year-over-year to €4,519 million, driven by higher volumes in Central and Eastern Europe and positive scope effects, despite negative FX impacts.

• EBITDA declined by 3.1% to €1,237 million, with profitability down 220 bps to 27.3% due to cost pressures and FX headwinds.

• Net profit decreased by 2.0% to €924.1 million, with operating performance stable overall and margin expansion in Eastern Europe.

• Strong operating cash flow supported increased capex, M&A activity, and enhanced shareholder returns.

• Dividend proposal of €0.70 per share, unchanged from the prior year, with ongoing share buyback program.

Financial highlights

• Revenues reached approximately €4.52 billion, up from €4.3 billion last year.

• EBITDA margin declined from 29.5% to 27.3%, mainly due to lower profitability from new acquisitions and weaker U.S. performance.

• Net financial position improved to €1,130.9 million from €755.2 million year-over-year.

• Capex and financial investments totaled €591 million, with operating cash flow of €1,167 million.

• Net profit decreased by 2.2% year-over-year to €921.3 million.

Outlook and guidance

• 2026 recurring EBITDA is expected to marginally decline due to challenging market conditions, adverse FX, and cost uncertainties.

• Construction activity anticipated to remain steady in most markets, but geopolitical tensions and inflation pose risks.

• Capital expenditures for 2026 to accelerate, focusing on efficiency and decarbonization.

• Sales volumes in Italy and the US expected to be stable or slightly lower; Central and Eastern Europe, Brazil, and UAE forecasted for modest growth.

• Energy cost volatility and forex remain key uncertainties for 2026.