Earnings release
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BUZZI Teleborsa : distribution and commercial use strictly prohibited PRESS RELEASE Interim results at 30 June 2026 • • • Cement volumes up 5.4 % , driven by the continued expansion of the UAE operations . Weak demand in the ready - mix concrete market ( -4.2 % ) Net sales stable at € 2,188.5 million ( -1.1 % like - for - like ) . EBITDA stood at € 482.7 million ( -8.2 % ) , with an adverse foreign exchange effect of € 8.9 million and a margin contraction of approximately 200 bps , from 24 % to 22 % During the first half of the year , Brazil delivered a particularly strong performance in profitability and operating margin expansion Solid cash generation supporting the ongoing capex projects . Outlook for the full year 2026 confirmed , with EBITDA expected in the range of € 1.1 to € 1.2 billion Consolidated data Jan - Jun 2026 Jan - Jun 2025 % 26/25 Cement and clinker sales t / 000 15,674 14,870 + 5.4 % Ready - mix concrete sales m3 / 000 4,633 4,834 -4.2 % Net sales € / m 2,189 2,187 + 0.1 % Ebitda € / m 483 526 -8.2 % Ebitda recurring € / m 475 526 -9.7 % Consolidated net profit € / m 324 390 -16.8 % Net cash € / m Jun 26 Dec 25 Change 896 1,110 -214 The Board of Directors of Buzzi SpA has met today to examine the interim financial report as at 30 June 2026 . In the first half of 2026 , the global economy showed a gradual slowdown amid a backdrop of mounting geopolitical tensions , heightened uncertainty over trade policies and renewed inflationary pressures driven primarily by energy prices . The macroeconomic outlook was revised downward , also reflecting the conflict in the Middle East ( United States - Iran ) and its subsequent impact on energy markets . Global economic growth is now expected to reach approximately 3.1 % . In this scenario , international trade and the manufacturing sector recorded weak and uneven performance , weighed down by slower external demand and still relatively restrictive financial conditions . By contrast , the services sector maintained moderate growth , supported by domestic demand , tourism and the continued expansion of digital services . Energy commodity prices once again exhibited high volatility . Oil prices rose significantly amid concerns over emarket sdir storage CERTIFIED
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2 potential supply disruptions, while European natural gas prices continued to fluctuate, although remaining below the peak levels recorded during the 2022–2023 period. In the United States, the economy continued to expand during the first half of 2026, albeit at a more moderate pace than in previous periods. Domestic demand showed signs of slowing, particularly in household consumption, while investment - especially in the technology sector - continued to be one of the main drivers of economic activity. Inflationary pressures remained elevated, driven primarily by higher energy and services prices. Against this backdrop, the Federal Reserve maintained a cautious monetary policy stance, keeping interest rates unchanged throughout the first part of the year while reiterating the need to closely monitor developments in inflation and the labor market before considering any adjustments to interest rates. In Europe, economic activity continued to show weak but positive growth. According to the forecast issued in spring by the European Commission, GDP is expected to grow by 1.1% in 2026, revised downward from previous estimates mainly due to the energy shock and the deterioration in business and consumer confidence. At the same time, the inflation forecast was revised upward to 3.1%, reflecting hi gher energy prices and the pass -through of increased costs along the production chain. The manufacturing sector continued to be affected by weak global demand and elevated costs, while the services sector maintained relatively more favorable momentum. In this context, the European Central Bank maintained a cautious monetary policy stance, keeping interest rates unchanged through May before raising the rates by 25 basis points at its June meeting. Among the major emerging economies in which the group operates, Brazil demonstrated solid resilience, supported by domestic demand, despite the gradual slowdown in industrial activity and the persistence of restrictive financial conditions. The United Arab Emirates continued to display a relatively dynamic macroeconomic environment, driven by public investment and the growth of non -oil sectors, particularly finance, tourism and services, despite uncertainty stemming from energy market volatility and the regional geopolitical environment. In contrast, Mexico showed signs of economic slowdown, with activity contracting in the first half of 2026 due to weak domestic dema nd, subdued private consumption and lower investment. Overall, central banks across Latin America maintained differentiated monetary policy stances. The Banco de México continued its monetary easing cycle, while the Central Bank of Brazil adopted a more cautious approach, keeping interest rates at still elevated levels, although on a gradual downward path.
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3 OPERATING AND FINANCIAL PERFORMANCE Beginning in the second quarter of 2025, the company’s results include the contribution of its operations in the United Arab Emirates, following the acquisition of a controlling interest in Gulf Cement Company, a company listed on the Abu Dhabi Securities Exchange. Additionally, during the period some concrete batching plants were acquired in Italy and Germany. Accordingly, compared with 30 June 2025, the changes in the scope reflect both the inclusion of the operations in the UAE and the acquisitions in the concrete business in Italy and Germany. Excluding this change in scope, during the first six months of 2026 cement deliveries recorded a slight decline, mainly attributable to the weakness of the European market in the first quarter, which was affected by unfavorable weather conditions. This trend was partly offset by a strong start to the year in the United States and the positive per formance in Brazil. As a result, the period ended with a 5.4% increase in cement deliveries, which totaled 15.7 million tons. Ready-mix concrete output amounted to 4.6 million cubic meters, representing a 4.2% decrease compared with 2025. Consolidated net sales for the first half of the year remained broadly stable compared with the corresponding period of the previous year, increasing from € 2,187.4 million to €2,188.5 million. Foreign exchange changes had a negative impact of €35.1 million, mainly due to the depreciation of the US dollar, while changes in scope contributed positively by €61.0 million. Like for like, net sales would have remained broadly stable compared with the previous year, with a negative change of 1.1%. In Italy net sales amounted to €393.5 million, representing a decrease of 2.2%, mainly driven by the lower domestic demand. In the United States, after the brilliant performance of the first quarter, the weakening of the dollar, together with subdued pricing dynamics, had an adverse impact on revenues, which amounted to €733.0 million, down 6.9% compared with the previous year. At constat exchange rates, net sales would have shown a 0.6% decline. In Central Europe, a slow start to the year and still weak demand resulted in net sales of € 461.2 million, decreasing 2.3% compared with the first six months of the previous year. In Eastern Europe, net sales amounted to €327.4 million, down 5.5% compared with the previous year. The result was primarily affected by weak volumes in Poland during the first months of the year, reflecting unfavorable weather conditions, as well as by the slowdown in economic activity in Russia. At constant exchange rates, net sales would have decreased by -7.9%. In Brazil, the favorable development of both volumes and prices supported growth of the turnover, which came in at € 204.0 million, up 23.8% compared with the previous year. Net of foreign exchange effects, net sales would have increased by 18.3%. In the United Arab Emirates, despite lower volumes as a result of the conflict in the area, a solid price and product mix strategy allowed the group to close the first half with revenues of € 75.8
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4 million, of which €53.2 million related to changes in the scope of consolidation. On a pro -forma basis, performance was therefore in line with the previous year. Consolidated Ebitda amounted to €482.7 million, down 8.2% from €526.0 million in the previous year. The result for the period includes net non-recurring income of €7.5 million. Excluding these items, recurring Ebitda declined from €526.3 million to €475.2 million, with Ebitda to sales margin standing at 21.7% (24.1% in 2025). The Ebitda margin of the first six months strengthened in Italy, Poland, the UAE and Brazil, benefiting from the improved operating leverage. By contrast, rising production costs weighed on margins in the other areas where the group operates. Changes in the consolidation scope had a positive impact of € million, while exchange rate fluctuations had a negative impact of €8.9 million. After amortization of €170.1 million, versus €160.1 million in 2025, Ebit came in at €311.4 million, worsening compared to € 365.9 million in 2025. In the year, net financial income decreased compared to last year (€120.9 million in the previous period vs. €55.0 million in 2026). By contrast, the result from equity-accounted investments improved to €68.1 million (€59.9 million in 2025). Profit before taxes amounted to €434.6 million (compared to €546.0 million in the first half 2025). After income taxes of € 110.2 million (€156.3 million in 2025), the net profit came in at € 324.5 million, down from €389.8 million in the same period of 2025. At the end of the period, the net cash position amounted to €896.1 million (compared to €1,109.7 million at year -end 2025). In the six months under review the group paid dividends to shareholders totaling € 123.5 million and incurred capital expenditures of € 275.2 million, €11.3 million thereof referring to equity investments, among which the acquisition of additional shares in Gulf Cement Company. Capital expenditures devoted to environmental performance improvements and to decarbonization of the production process, among which projects to increase the production of cements with a lower clinker content, the greater usage of alternative fuels and the in -house production of renewable electricity, amounted to approximately €48.0 million. During the period, a further € 180.3 million was deployed under the share buyback program, which started at the end of February. S&P Global Ratings confirmed the group's investment -grade credit rating of BBB+/A -2 with a stable outlook, reflecting its solid financial position and strong cash generation capability. As at 30 June 2026, total equity, inclusive of non -controlling interests, stood at €7,347.5 million versus €7,137.7 million at 2025 year-end. Consequently, the debt/equity ratio remained stable at 25% compared to December 2025.
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5 RESULTS BY REGION In Italy, the construction sector continued to make a significant contribution to economic activity during the first half of the year, supported primarily by the progress of the last projects financed under the National Recovery and Resilience Plan (PNRR) and, more broadly, by the continued resilience of the non-residential segment. By contrast, the residential segment showed signs of weakness, reflecting the scaling back of construction incentives and less favorable financing conditions, resulting in a slowdown. Our hydraulic binder sales declined by 6.2% in the first half of the year, reflecting the adverse weather conditions that characterized the opening months of the year as well as the gradual slowdown in certain infrastructure projects in Northern Italy related to the PNRR. Selling prices, however, c ontinued to show a positive trend, increasing year on year. A similar pattern was recorded in ready -mix concrete deliveries, which declined by 6.3% compared with 2025, while average selling prices posted a modest year -on-year improvement. As a result of these trends, revenue amounted to € 393.5 million, slightly down from € 402.5 million in the corresponding period of the previous year. The figure includes a contribution of €3.4 million from the acquisition of a new concrete batching plant. Excluding this change, the result would have declined by 3.1%. Ebitda, on the other hand, increased from € 84.0 million to € 100.8 million (+20.0%), benefiting from non-recurring income of €7.5 million. Excluding these extraordinary items, recurring Ebitda increased from €84.3 million to €93.3 million. In the United States, investment in the construction sector declined, penalized above all by the weakness both in the residential segment, still affected by the elevated interest rates, and the private non -residential sector, particularly in the manufacturing and industrial s egments. A positive contribution, however, came from investment in data center construction and related infrastructure, supported by growing demand driven by artificial intelligence and cloud services. By contrast, public construction benefited from the fi nal expansionary effects of the federal infrastructure investment programs. In this context, our cement deliveries closed the first half with cement volumes up 1.6% compared with the corresponding period of 2025, thanks to the strong start to the year, which more than offset the slight slowdown recorded during the spring months due to heavy rainfall, particularly in Texas. Ready-mix concrete output, concentrated main ly in Texas, declin ed by 1.5%. On the pricing front, average cement selling prices in local currency remained broadly stable compared with year-end 2025 levels, although they were slightly below the average recorded in the first half of the previous year, while ready-mix concrete prices remained in line with those recorded in the corresponding period of 2025. Net sales for the period amounted to € 733.0 million, down from €787.1 million in 2025 ( -6.9%). Operating profitability declined even more sharply, with Ebitda falling from €235.1 million to €186.5 million (-20.7%). This performance reflected both the less favorable market environment and higher unit production costs, which continued to be affected
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6 by inflationary pressures, particularly the increase in fuel costs. The depreciation of the US dollar against the euro (-6.8%) also had a negative impact on the translation of the results generated in the United States. At constant exchange rates, net sales would have declined by 0.6%, while Ebitda would have decreased by 15.3%. In Germany, the latest forecasts indicate that the economy is in a fragile recovery phase following a prolonged period of stagnation. Economic activity is being supported by stronger public incentives, including infrastructure investment and increased spending on st rategic sectors. Investment is showing signs of a gradual recovery, driven primarily by the public sector, while the construction industry continues to be constrained by high financing costs and weak residential demand. Following the weakness recorded in the first quarter, mainly attributable to adverse weather conditions, the second quarter also remained subdued, reflecting both softer market demand and a still challenging operating environment. Overall, cement sales vol umes for the first half were slightly below the levels recorded in 2025 (-3.5%). Average selling prices, however, showed a moderate improvement, helping to offset the impact of lower volumes on revenue. In the ready- mix concrete business, deliveries declined by 6.9% compared with the corresponding period of the previous year, while average selling prices continued to show a favorable trend, improving versus 2025. Against this backdrop, net sales declined slightly to €378.4 million, compared with €388.2 million in 2025. The acquisition of new concrete batching plants contributed € 4.4 million to the result. Excluding this effect, the figure would have declined by 3.7%. On the other hand, Ebitda declined by 25.2%, from €50.7 million to €37.9 million, mainly due to the higher incidence of fixed costs on activity volumes. In Luxembourg and the Netherlands, during the first half of the year, cement deliveries remained broadly in line with those recorded in the corresponding period of the previous year. Performance was supported by the resilience of the domestic and French markets, which offset weaker demand in the Belgian market. Average selling prices also showed a slight improvement compared with 2025 levels. In the ready-mix concrete business (Netherlands), deliveries declined by 8.2%, reflecting the postponement of certain customer projects as well as adverse weather conditions, including a particularly harsh winter and an exceptional heatwave at the end of June. Average selling prices, by contrast, continued to show a positive trend. In this context, net sales amounted to € 97.8 million, down 1.6% from € 99.4 million in the corresponding period of 2025. Ebitda recorded a more pronounced decline, falling from € 19.0 million to €12.5 million.
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7 In Poland, the economy is expected to continue its expansionary cycle, albeit at a more moderate pace than in previous years. Growth in the construction sector is being driven by public and infrastructure investment, while residential construction and renovation ac tivity are performing more weakly, affected by still-restrictive financing conditions and a gradual slowdown in private demand. Overall, the sector continues to be supported by the public component. With regard to our sales volumes, the significant slowdown recorded in the first quarter, mainly due to particularly adverse weather conditions, affected performance throughout the entire first half of the year. The subsequent recovery observed in the second quarter, with ac tivity levels broadly in line with those recorded in the same period of 2025, was not sufficient to fully offset the weakness at the beginning of the year. Overall, cement deliveries closed the first half down 10.6% compared with the previous year, while the ready-mix concrete segment recorded a 13.4% decline. From a commercial standpoint, average cement selling prices in local currency showed a favorable trend, reaching slightly higher levels than those recorded last year, while ready -mix concrete prices declined slightly. As a result, turnover for the period decreased from €98.4 million in 2025 to €89.1 million in 2026 (-9.4%). Despite an improvement in operating profitability, Ebitda declined to € 25.2 million (-6.3%), mainly due to lower sales volumes. The depreciation of the Polish zloty ( -0.3%) had a limited impact on the translation of results into euro. In the Czech Republic and Slovakia, the construction industry maintained an expansionary path, supported by increased public investment and the use of EU funds. At the same time, the residential market is showing signs of recovery, with an increase in building permits and housing starts, supported by improving financing conditions and a rebound in private investment. Shipments of hydraulic binders confirmed the positive momentum already seen in the first quarter, increasing by 5.5%, driven mainly by strong construction activity in the Prague area, which continues to benefit from a high number of ongoing building projects. Average selling prices, expressed in local currency, remained broadly in line with those of the previous financi al year. Performance in the ready -mix concrete business was even more favorable, with volumes rising by 10.9%, accompanied by a further improvement in selling prices. Supported by the positive development in volumes and sales mix, net sales amounted to €116.3 million, up 15.7% from €100.6 million in the corresponding period of 2025, while Ebitda increased from €33.3 million to €36.6 million (+10.0%). The appreciation of the Czech koruna against the euro (+2.8%) also had a favorable impact on the translation of results into the group's reporting currency. At constant exchange rates, net sales would have increased by 12.6% while Ebitda would have grown by 7.0%. In Brazil, economy recorded moderate growth in the first months of 2026. In the construction sector, the residential segment continues to benefit from incentives related to the federal Minha
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8 Casa, Minha Vida program, while the non-residential and infrastructure segments are supported by investments in energy, transport and other strategic projects. This combination of public and private demand is supporting moderate but broad-based growth in construction activity. During the first half of the year, cement shipments in Brazil increased by 3.2% compared with the same period of the previous year, while average selling prices in local currency posted an even stronger increase. Benefiting from these favorable market dynamics, net sales rose from € 164.8 million to €204.0 million (+23.8%). Ebitda reached €56.1 million, compared with €36.0 million in the first half of 2025. Results in local currency also confirmed a significant improvement in both revenue and operating profitability. The appreciation of the Brazilian real (+ 4.4%) provided a further, albeit moderate, positive contribution to the translation of results into euro. At constant exchange rates, net sales would have increased by 18.3%, while Ebitda would have grown by 48.9%. In the United Arab Emirates, the economic outlook remains strong and dynamic, with growth expected to remain robust despite the geopolitical developments that have recently had a direct impact on the region. In this operating context, our cement shipments performed in line with expectations before being affected by the geopolitical tensions that impacted the Middle East following the conflict between the United States and Iran. On a pro-forma basis, considering that operations in the United Arab Emirates have been consolidated only since May 2025, cement shipments decreased by 15.7% compared with the corresponding period of the previous year. This performance also reflects a specific commercial strategy aimed at improving profitability, pursued through the reduction of low-margin clinker exports and a greater focus on the domestic ma rket, which is characterized by more favorable pricing conditions. As a result, average selling prices strengthened significantly, reaching levels well above those recorded in the previous year. On a pro-forma basis, net sales amounted to €75.8 million, compared with €68.8 million in 2025, while Ebitda stood at €10.5 million, compared with €4.8 million in the previous year. In Russia, in compliance with the sanctions adopted by the European institutions, as early as May 2022 Buzzi stopped all involvement in the operational activities of its local subsidiaries. Consequently, decisions relating to the investment can only be taken through the shareholders' meeting and are limited to those which, according to the Commercial Code of Russia, are the responsibility of this body, as well as decisions of an extraordinary nature as defined in the bylaws. The information available to us regarding t he trend in demand and the construction market is therefore limited. At the balance sheet date, the value of our net assets in Russia totaled € 543.0 million. In the period under review, net sales amounted to €124.4 million, declining compared to €147.6 million of the previous year (-15.7%). Ebitda also strongly decreased from €38.3 to €16.7 million
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9 (-56.5%). Exchange rate movements had a favorable impact (+6.2%) on the translation of results into euro: at constant exchange rates, as a matter of fact, net sales would have shown a more pronounced decline of 20.9% and Ebitda would have been down 59.2%. In Mexico, following the positive signs recorded in the first quarter, the joint venture further consolidated its positive momentum in the second quarter of the year. At the end of the first half, cement sales volumes increased by 12.7% compared with the same period of the previous year, while selling prices in local currency showed a progressive strengthening over the course of the months. In the ready-mix concrete segment, performance was weaker, with volumes declining by 5.8%. This decline was nevertheless offset by favorable price trends, which showed a positive evolution during the semester. Against this backdrop, net sales, referring to 100% of the joint venture, amounted to € 572.1 million, up 26.4% compared with the corresponding period of 2025, while Ebitda reached €264.9 million, compared with €214.1 million in the first half of the previous year, confirming an excellent level of operating profitability. Results also benefited from the appreciation of the Mexican peso against the euro (+ 6.5%). At constant exchange rates, revenue and Ebitda growth would have amounted to 18.1% and 15.6%, respectively. The earnings referring to Mexico, included in the line item that encompasses the investments valued by the equity method, amount to €62.8 million (€49.2 million in 2025). OUTLOOK Against a macroeconomic and geopolitical backdrop still characterized by significant uncertainty, the company achieved solid operating results in the first half of 2026, supported by resilient sales volumes and favorable price trends. However, the progressive increase in production costs across the main regional markets, together with the adverse impact of exchange rate movements - particularly the depreciation of the dollar against the euro - weighed on operating performance, putting some pressure on operating margins. With regard to business developments in the second half of the year, we do not anticipate any significant changes compared with the macroeconomic and geopolitical environment observed in the first half. International tensions and persistent economic uncert ainty continue to affect markets, mainly through inflationary pressures on operating costs. In our main geographies, we expect demand to remain broadly in line with the levels recorded during the first six months of the year. In Italy, following the gradual slowdown observed during the first half, we expect sales volumes to continue to be affected by the weakness of the residential sector and the gradual reduction in projects related to the PNRR (National Recovery and Resilienc e Plan). However, we believe that
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10 the price increases implemented at the beginning of the year, together with the benefits deriving from the Energy Release measures, should help preserve satisfactory profitability levels. In the United States, the positive performance recorded in the first part of the year should allow us to close the year with volumes broadly in line with those of 2025. Nevertheless, the competitive environment remains challenging, particularly in Texas, w here pricing conditions are under pressure and it is becoming increasingly difficult to implement increases sufficient to offset the continued rise in operating costs. In Central Europe, following a particularly weak start to the year, we expect a gradual recovery in sales volumes, accompanied by some improvement in pricing. In Germany, however, the significant cost increase already evident at the end of the first half l eads us to anticipate a contraction in margins year on year. In Eastern Europe, and particularly in Poland and the Czech Republic, market conditions remain favorable; we therefore expect to close the year with sound operating results and profitability levels. In Brazil, the high utilization of production capacity, together with the significant price recovery recorded in recent quarters and the growth in sales volumes, supports favorable expectations for the second half of the year. We therefore expect a positive full year performance, strongly improving compared with the previous year. Finally, the United Arab Emirates remains the market most exposed to the effects of ongoing geopolitical tensions in the Middle East. While we expect operating performance to improve thanks to the managerial and commercial actions implemented since the acquisition, results will continue to be affected by logistical challenges and greater operational complexities in the region. Nevertheless, we forecast to close the year with results above those of 2025, although falling short of our initial expectations. Based on the factors outlined above, we expect recurring Ebitda for the full 2026 financial year to range between €1,100 and €1,200 million. ***
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11 The manager responsible for preparing the company’s financial reports, Elisa Bressan, decla res, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to th e document results, books and accounting records. Casale Monferrato, 4 August 2026 Company contacts: Investor Relations Assistant Ileana Colla Phone. +39 0142 416 404 Email: ileana.colla@buzzi.com Internet: www.buzzi.com *** Buzzi H1 2026 results will be illustrated during a conference call to be held today, Tuesday 4 August, at 04: 30 pm CEST. To join the conference, please register at the following link: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=2562378 &linkSecurityString=7afc4c048.
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Consolidated Income Statement (thousands of euro) 1ˢᵗ Half 2026 1ˢᵗ Half 2025 Net sales 2,188,539 2,187,420 Changes in inventories of finished goods and work in progress (41,076) (25,091) Other operating income 24,280 24,926 Raw materials, supplies and consumables (788,675) (786,900) Services (516,109) (500,388) Staff costs (342,988) (328,159) Other operating expenses (41,294) (45,835) EBITDA 482,677 525,973 Depreciation and amortization (170,084) (160,090) Impairment charges (1,210) - Operating profit (EBIT) 311,383 365,883 Equity in earnings of associates and joint ventures 68,146 59,919 Gains (Losses) on disposal of investments 82 (654) Finance revenues 89,721 169,660 Finance costs (34,697) (48,793) Profit before tax 434,635 546,015 Income tax expense (110,184) (156,258) Profit for the period 324,451 389,757 Attributable to: Owners of the company 324,010 386,312 Non-controlling interests 441 3,445 (euro) Earnings per share basic 1.807 2.134
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Consolidated Statement of Comprehensive Income (thousands of euro) 1ˢᵗ Half 2026 1ˢᵗ Half 2025 Profit for the period 324,451 389,757 Items that will not be reclassified to profit or loss Actuarial gains (losses) on post-employment benefits 10,455 7,987 Fair value changes of equity investments - 65 Income tax relating to items that will not be reclassified (2,678) (2,420) Total items that will not be reclassified to profit or loss 7,777 5,632 Items that may be reclassified subsequently to profit or loss Currency translation differences 172,803 (290,721) Share of currency translation differences of associates and joint ventures valued by the equity method 17,522 (13,190) Total items that may be reclassified subsequently to profit or loss 190,326 (303,911) Other comprehensive income for the year, net of tax 198,103 (298,279) Total comprehensive income for the period 522,554 91,478 Attributable to: Owners of the company 520,601 89,939 Non-controlling interests 1,953 1,539
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Consolidated Balance Sheet (thousands of euro) 30.06.2026 31.12.2025 Assets Non-current assets Goodwill 906,422 868,960 Other intangible assets 124,653 123,078 Right-of-use assets 89,487 89,143 Property, plant and equipment 4,086,674 3,874,056 Investment property 14,735 14,722 Investments in associates and joint ventures 581,576 538,910 Equity investments at fair value 15,177 14,579 Deferred income tax assets 128,191 129,915 Defined benefit plan assets 3,928 1,963 Other non-current assets 63,120 57,711 6,013,963 5,713,037 Current assets Inventories 928,625 930,415 Trade receivables 700,787 571,497 Other receivables 362,826 302,754 Cash and cash equivalents 1,208,824 1,401,990 3,201,062 3,206,656 Assets held for sale 1,509 5,120 Total Assets 9,216,534 8,924,813
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(thousands of euro) 30.06.2026 31.12.2025 Equity Equity attributable to owners of the company Share capital 123,637 123,637 Share premium 458,696 458,696 Other reserves 194,256 (10,276) Retained earnings 6,984,076 6,795,793 Treasury shares (461,101) (280,830) 7,299,564 7,087,020 Non-controlling interests 47,924 50,728 Total Equity 7,347,488 7,137,748 Liabilities Non-current liabilities Long-term debt 352,836 305,527 Lease liabilities 62,887 63,713 Employee benefits 195,298 206,179 Provisions for liabilities and charges 96,960 92,523 Deferred income tax liabilities 428,237 414,216 Other non-current liabilities 3,429 4,117 1,139,647 1,086,275 Current liabilities Current portion of long-term debt 22,744 23,622 Short-term debt 34,628 20,919 Current portion of lease liabilities 28,545 27,257 Trade payables 324,262 382,412 Income tax payables 103,672 54,189 Provisions for liabilities and charges 34,968 31,722 Other payables 180,580 160,669 729,399 700,790 Total Liabilities 1,869,046 1,787,065 Total Equity and Liabilities 9,216,534 8,924,813
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Consolidated Statement of Cash Flows (thousands of euro) 1ˢᵗ Half 2026 1ˢᵗ Half 2025 Cash flows from operating activities Cash generated from operations 338,356 460,273 Interest paid (8,502) (13,837) Income tax paid (68,357) (92,175) Net cash generated from operating activities 261,497 354,261 Cash flows from investing activities Purchase of intangible assets (5,581) (973) Purchase of property, plant and equipment (258,285) (218,434) Acquisition of subsidiaries, net of cash acquired - (113,863) Purchase of other equity investments (6,178) (44,594) Proceeds from sale of property, plant and equipment 5,815 5,181 Proceeds from sale of equity investments 100 32,074 Changes in financial receivables (30,760) 10,365 Dividends received from equity investments 40,936 5,764 Interest received 24,478 30,904 Net cash generated from (used in) investing activities (229,475) (293,576) Cash flows from financing activities Proceeds from long-term debt 349,167 - Repayment of long-term debt (304,262) (10,187) Change in short-term debt 11,743 (645) Repayment of lease liabilities (16,238) (13,326) Changes in other financial payables 8,044 18,835 Changes in ownership interests without loss of control (5,143) - Purchase of treasury shares (180,271) (2,723) Dividends paid to owners of the company (123,396) (123,714) Dividends paid to non-controlling interests (86) (80) Net cash generated from (used in) financing activities (260,442) (131,840) Increase (decrease) in cash and cash equivalents (228,420) (71,155) Cash and cash equivalents at beginning of period 1,401,990 1,410,439 Currency translation differences 35,254 (66,183) Change in scope of consolidation - (4) Cash and cash equivalents at end of period 1,208,824 1,273,097 The interim report for the six months ended 30 June 2026 has been endorsed by the Board of Directors and is being revised by independent auditors.
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ALTERNATIVE PERFORMANCE MEASURES Buzzi uses in its financial disclosure some alternative performance measures that, although widespread, are not defined or specified by the accounting stan dards applicable to the preparation of the annual financial statements or interim consolidated reports. Pursuant to Consob Communication no. 92543/2015 and the guidelines ESMA/2015/1415 set out below are the definitions of such measures. - EBITDA: subtotal presented in the financial statements; pl ease refer to the consolidated income statement for the calculation. - EBITDA recurring : it is calculated starting from the subtotal presen ted in the financial statements named EBITDA and applying to it the following adjustments (non-recurring income/expense): restructuring costs, in relation to defined and significant plans write downs/ups of current assets except trade receivables greater than €1 million addition to/release of provisions for legal, fiscal or environmental risks greater than €1 million dismantling costs greater than €1 million gains/losses from the sales of fixed assets and non -instrumental real estate greater than €3 million other sizeable non-recurring income or expense (greater than €3 million), that is attributable to significant events unrelated to the usual business. The reconciliation between EBITDA and EBITDA recurring for the two comparative periods is as follows: (millions of euro) 2026 2025 EBITDA 482.7 526.0 Other income (7.5) - Other expenses - 0.4 EBITDA recurring 475.2 526.3 - Operating profit (EBIT) : subtotal presented in the financial statements; pl ease refer to the consolidated income statement for the calculation. - Net debt or Net Cash: it is a measure of the capital structure corresponding to the difference between financial liabilities, both short and long term, and short-term financial assets. Therefore, it includes a ll liabilities, the current portion of the interest-bearing assets and related items, such as derivative financial instruments and accruals. The measure complies with the guidelines ESMA32-382-1138.