Slides
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Autumn Conference Kepler Cheuvreux Paris, 9 September 2026
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EXECUTIVE SUMMARY COMPANY OVERVIEW INVESTMENT HIGHLIGHTS H1 2026 OVERVIEW OUTLOOK 2026 OUR JOURNEY TO NET ZERO
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COMPANY OVERVIEW
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3Kepler Cheuvreux Autumn Conference | 10 September 2026 BUZZI AT A GLANCE: WELL POSITIONED TO CATCH FUTURE OPPORTUNITIES International presence Asset quality and network Long term strategy 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 Long-term oriented core shareholder and highly experienced top management Proven ability to deliver strong financial performance and free cash flows Clear commitments on the three ESG focus areas and ambitious CO2 targets Selective capex, M&A investments and improving shareholders’ remuneration
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4Kepler Cheuvreux Autumn Conference | 10 September 2026 MORE THAN 110 YEARS OF HISTORY 1907-1970 Foundationby Pietro and Antonio Buzzi, with Trino cement plant Expansion in Northern Italy Start of the ready-mix concrete production 1979 Acquisition of Alamo Cement United States 1981 Acquisition of a minority stake in CorporacionMoctezuma Mexico 2001 Acquisition of a minority stake in Dyckerhoff (34%) 2004 Controlling stake and full consolidation of Dyckerhoff 2009-2011 New lines in United States Russia 2013 Dyckerhoff minority squeeze out Russia 2014 Acquisition of Korkino Italy 2017 Zillo acquisition Brazil 2018-2021 50% acquisition of Cimento Nacional in 2018 Acquisition of CRH Brazilian assets 2024 Full control over Cimento Nacional Sale of Ukrainian assets 2025 Buzzi enters the share capital of Gulf Cement Company United States Central and Eastern Europe Italy 1999 Acquisition and incorporation of Unicem; Listing on the Italian stock exchange with the name of Buzzi Unicem United States New markets Existing markets UAE
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5Kepler Cheuvreux Autumn Conference | 10 September 2026 BUZZI TODAY OPERATIONAL SUMMARY AND KEY NUMBERS OWNERSHIP NET SALES (FY 2025) GROUP STRUCTURE AND OPERATION (2025) – GROUP EXPOSURE BY REGION (%) Market Cap ~7.1 €b 4.5 €b 1.1 €b 1.2 €b EBITDA (FY 2025) NET CASH (FY 2025) ITALY CENTRAL EU EASTERN EU USA BRAZIL #9 cement plants 9.8mt cement capacity #101 rmx batch plants 17% 22% 16% 2%% Sales % EBITDA #9 cement plants 8.6mt cement capacity #117 rmx batch plants #4 cement plants 7.6mt cement capacity #78 rmx batch plants #8 cement plants 10.2mt cement capacity #64 rmx batch plants @ 31/08/2026 Buzzi family Market 59% 41% 8% #7 cement plants 7.5mt cement capacity UAE #1 Cem. plants 2.4mt Cem. capacity 35% 15% 12% 17% 1%8%47%
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6Kepler Cheuvreux Autumn Conference | 10 September 2026 OUR PRESENCE UNITED STATES 8 plants 10.2 m/t cement production capacity 64 ready-mix batch plants 4 aggregate quarries 36 deposits and terminals 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 ITALY 9 plants 9.8 m/t cement production capacity 101 ready-mix batch plants 6 aggregate quarries 4 deposits and terminals CZECH REPUBLIC AND SLOVAKIA 1 plant 1.1 m/t cement production capacity 60 ready-mix batch plants 5 aggregate quarries POLAND 1 plant 1.6 m/t cement production capacity 18 ready-mix batch plants 1 terminal ALGERIA** 2 plants 2.0 m/t cement production capacity * Joint venture ** 35% ownership 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 RUSSIA 2 plants 4.9 m/t cement production capacity 1 terminal Data refer to December, 31st 2025 ALPACEM – (25%) SLOVENIA 1 plant 1.3 m/t cement production capacity Rmx and aggregates AUSTRIA 1 plant 0.7 m/t cement production capacity Rmx and aggregates UNITED ARAB EMIRATES 1 plant 2.4 m/t cement production capacity
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INVESTMENT HIGHLIGHTS
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8Kepler Cheuvreux Autumn Conference | 10 September 2026 INDUSTRY LEADING PERFORMANCE THROUGH THE CYCLE 2,669 2,806 2,874 3,221 3,222 3,446 3,996 4,317 4,313 551 508 578 728 781 795 884 1,243 1,276 1,237 21% 18% 20% 23% 24% 23% 22% 29% 30% 27% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 1000 2000 3000 4000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Sales (€m) EBITDA (€m) EBITDA Margin 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 4,519
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9Kepler Cheuvreux Autumn Conference | 10 September 2026 HISTORICAL EBITDA BY COUNTRY *Full consolidation starting from Q4 2024 (EBITDA: €28.5), FY2024 data presented assuming 100% ownership of Brazil operations. ** Full consolidation starting from Q2 2025 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% Ukraine EBITDA 12.8 16.0 7.0 21.0 21.9 13.3 (6.8) 5.6 3.6 - margin 16.10% 16.90% 8.00% 15.90% 18.90% 10.50% -11.40% 6.50% 5.10% - 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 99.9* 103.9 margin 26.7% 28.6% UAE EBITDA 7.5** margin 8.8% Consolidated EBITDA 550.6 508.2 577.2 728.1 780.8 794.6 883.7 1,243.2 1,276.1 1,236.6 (IFRS application) 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% Brazil (50%) EBITDA 15.9 11.7 24.0 40.5 59.4 44.3 margin 23.9% 17.4% 34.5% 31.9% 29.7% 22.5% Consolidated 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 (proportional method) margin 23.5% 21.4% 22.7% 24.2% 26.2% 25.0% 23.3% 30.2% 31.1% 29.1%
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10Kepler Cheuvreux Autumn Conference | 10 September 2026 SOUND CASH GENERATION AND VALUE CREATIVE CAPITAL ALLOCATION 8.8% 6.6% 7.5% 8.0% 7.1% 6.2% 6.7% 7.0% 10.4% 9.4% 0% 5% 10% 15% 0 100 200 300 400 500 600 700 800 900 1,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Cash from operation Capex %Capex/Net SalesFinancial investments 500€m 1,000€m 0€m ~5.8 €billion Cumulative Net Cash from Operation generated over 10 years ~2.8 €billion Cumulative investments in industrial assets over the period ~0.8 €billion Cumulative financial investments to enter in new market (Brazil and UAE) and to strengthened our position in existing markets ~7.8% Average Capex/Sales ratio: track record of disciplined and selective investment decisions
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11Kepler Cheuvreux Autumn Conference | 10 September 2026 STRONG BALANCE SHEET, PRESERVING INVESTMENT CAPACITY FOR GROWTH 1.7x 1.7x 1.5x 0.8x 0.3x (0.3x) (0.3x) (0.6x) (0.6x) (0.9x) (2x) (1x) 0x 1x 2x 0 1,000 2,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross Debt Cash+Fin.Assets 1€b 2€b Net Cash position Since the end of 2021, further strengthened in 2025. Strongest balance sheet in the industry Consistent deleveraging Achieved in 10 years, while continuing to create value 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. Net Debt/EBITDA
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12Kepler Cheuvreux Autumn Conference | 10 September 2026 SUSTAINABLE GROWTH IN SHAREHOLDERS REMUNERATION 0 100 200 300 400 500 600 700 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.00 0.20 0.40 0.60 0.80 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Equity FCF Dividend paid DPS ordinary DPS savings 700€m 350€m 0€m 0 0.4 0.8 +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. Buyback
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13Kepler Cheuvreux Autumn Conference | 10 September 2026 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 Financial soundness protection, maintaining 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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H1 2026 OVERVIEW
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15Kepler Cheuvreux Autumn Conference | 10 September 2026 H1 2026 IN BRIEF +5.4% -4.2% +0.1% +1.1% lfl -8.2% -8.2% lfl -190bps -€214m Cement volumes slightly declined in Europe, reflecting weaker demand and adverse weather conditions in Q1, partly offset by strong performances in the U.S. and Brazil. Including scope changes, cement volumes increased by 5.4%, while rmx volumesdeclinedby 4.2%. Net Sales were broadly stable, benefiting from a €61m contribution from scope changes, while H1 EBITDA reached €483m, including a €9m positive scope effect. At constant scope, profitability improved in Italy, Poland, UAE and Brazil thanks to stronger operating leverage, while higher production costs pressuredmarginselsewhere. Net cash position decreased by €214m, primarily reflecting the share buyback program and higher capex
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16Kepler Cheuvreux Autumn Conference | 10 September 2026 NET SALES VARIANCE ANALYSIS (€m) Unfavorable impact Favorable impact*FX effect calculated with a comparison to the full H1 2025 **Intercompany eliminations and adjustments Volume Price Scope Volume Price Scope Volume Price FX Volume Price FX Volume Price FX Volume Price FX* Scope 1H 25 ITALY CENTRAL EUROPE EASTERN EURPE USA BRAZIL Others* 1H 26 ITALY CENTRAL EUROPE EASTERN EUROPE USA BRAZIL UAE Others** 2,187 2,189 (26) 14 3 (22) 6 4 (12) (16) 11 7 (12) (50) 12 19 9 53 7 (1) (5) 1
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17Kepler Cheuvreux Autumn Conference | 10 September 2026 EBITDA VARIANCE (€m) Unfavorable impact Favorable impact (€m) 1H 25 Volume Price Variable Cost Fixed Cost Others CO2 FX Scope 1H 26 (42) 19 13 (18) (15) 0 (9) 9 483 526
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18Kepler Cheuvreux Autumn Conference | 10 September 2026 Net Cash FY 25 Net Cash from Op. Capex Equity Inv. Dividends paid Dividends received Shares Buyback Others Net Cash 1H 26 Unfavorable impact Favorable impact 1 2 3 343 354 261 1H 24 1H 25 1H 26 1 218 219 264 1H 24 1H 25 1H 26 108 124 123 1H 24 1H 25 1H 26 3 2 Net Cash Flow from Op. Capex Dividends paid CASH GENERATION & CAPITAL ALLOCATION (€m) 1,110 896 261 (264) (11) (123) 41 (180) 62
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OUTLOOK 2026
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20Kepler Cheuvreux Autumn Conference | 10 September 2026 OUTLOOK 2026 | UPDATE Construction demand is expected to remain broadly stable through year-end, with second-half trends consistent with H1 performance. Geopolitical and trade-related uncertainties are likely to continue driving cost volatility. - USA: Weak residentialand non-residentialdemand is partly offset by continuedstrengthin data center and infrastructureinvestments. - Italy: phase-out of governmentincentivescontinuesto weigh on residentialand infrastructuredemand, with currenttrends expectedto persist. - Central Europe: Construction demand remains below expectations,with support from the Federal InfrastructurePlan in Germany expected to become visibleafter Q4. - Eastern Europe: Following a weather-impacted start to the year, demand trends remain supported by government initiatives in the Czech Republicand Poland. - Brazil: Outlook remains favourable, supportedby ongoing interestrate cuts, low unemploymentand improvingconstructionactivity. - UAE: Despite geopoliticaltensions,constructionactivityremains robust, and the first full year of UAE consolidationcontributespositiveresults. - Mexico: Markettrends are expectedto remain broadlyconsistentwith H1, with USMCA developmentsrepresentinga key source of uncertainty. - . Inflationary pressures are expected to continue driving production costs, while energy markets remain volatile and may affectthe broader supply chain. The company remains focused on pricing discipline to preserve a positive price-cost balance across all regions. Recurring EBITDA expected to marginally decline, projected to be in the range of €1,100-1,200 million. FX headwinds are expected to persist, primarily reflecting the continued weakness of the U.S. dollar.
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OUR JOURNEY TO NET ZERO
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22Kepler Cheuvreux Autumn Conference | 10 September 2026 «OUR JOURNEY TO NET ZERO» ROADMAP UPDATE 551 KgCO2/t cem.ious prod. 2025 <500 KgCO2/t cem.ious prod. 2030 CO2 emissions reduction in line with our roadmap Target confirmed Note: Roadmap perimeter updated with 2025 change in consolidation scope 2021 2025 2030 2050 Kg CO2/t cem.ious product (net – scope 1) NET ZERO
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APPENDIX
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24Kepler Cheuvreux Autumn Conference | 10 September 2026 HISTORICAL VOLUME EVOLUTION 26.8 27.9 29.1 29.3 31.2 28.3 26.3 26.3 31.9 14.9 15.7 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 12.3 12.1 12.1 11.7 12.1 11.5 10 9.7 9.9 4.8 4.6 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 Cement (mt) Ready-mix concrete (mm3)
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25Kepler Cheuvreux Autumn Conference | 10 September 2026 80 100 120 140 160 180 200 FY21 1Q22 2Q22 3Q22 FY22 1Q23 2Q23 3Q23 FY23 1Q24 2Q24 3Q24 FY24 1Q25 2Q25 3Q25 FY25 1Q26 2Q26 ITALY USA GERMANY LUXEMBOURG CZECH REPUBLIC POLAND BRASILE UAE MESSICO (Index - LOC) PRICE INDEX BY COUNTRY FY21=100 187 167 158 159 137 138 H1 26 169 138 164
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26Kepler Cheuvreux Autumn Conference | 10 September 2026 HISTORICAL CEMENT CONSUMPTION BY COUNTRY 0 20 40 60 80 100 120 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 USA BRA MEX GER POL ITA CZK 102 mt 67 mt 45 mt 22 mt 19 mt 22 mt 4 mt Note: All figures shown above should be regarded as estimates.
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27Kepler Cheuvreux Autumn Conference | 10 September 2026 2025 CEMENT CONSUMPTION VS PEAK 45.2 47.2Mexico 2021 339 369Mexico 2021 4.1 5.1Czech Rep. 2008 367 490Czech Rep. 2008 21.5 30Germany 2003 258 350Germany 2003 102 122.6USA 2005 293 390USA 2005 22.4 46.9Italy 2006 370 810Italy 2006 Total market (m ton) Per capita consumption (kg) 18.9 19.3Poland 2021 482 511Poland 2021 66.9 72.7Brazil 2014 314Brazil 2014 22.1 22.1UAE 2025 1,922 1,922 UAE 2025 362 Note: All figures shown above should be regarded as estimates.
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28Kepler Cheuvreux Autumn Conference | 10 September 2026 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.