Investor Conference
Banca Akros
Milan, 5 October 2026
EXECUTIVE
SUMMARY
COMPANY OVERVIEW
INVESTMENT HIGHLIGHTS
H1 2026 OVERVIEW
OUTLOOK 2026
OUR JOURNEY TO NET ZERO
COMPANY OVERVIEW
3 Banca Akros | 5 October 2026
BUZZI AT A GLANCE:
WELL POSITIONED TO CATCH FUTURE OPPORTUNITIES
International
presenceAsset quality
and networkLong term
strategyResults
oriented Capital allocation
driven bySustainable
growth
Well balanced
portfolio with
exposure to mature as well as emerging marketsMore than 40 mt of
cement capacity
available and 350 of concrete plantsLong -term oriented
core shareholder
and highly
experienced top
managementProven ability to
deliver strong
financial
performance and
free cash flows Clear commitments on the three ESG focus areas and
ambitious CO2
targetsSelective capex,
M&A investments
and improving
shareholders’
remuneration
4 Banca Akros | 5 October 2026
MORE THAN 110 YEARS OF HISTORY
1907 -1970
Foundation by 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 States1981
Acquisition of a minority stake in
Corporacion Moctezuma
Mexico2001
Acquisition of a minority stake in
Dyckerhoff
(34%)2004
Controlling stake and full consolidation of Dyckerhoff2009 -2011 New lines in
United StatesRussia
2013
Dyckerhoff
minority squeeze
outRussia2014
Acquisition of
Korkino
Italy2017
Zillo
acquisitionBrazil2018 -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 CompanyUnited States Central and Eastern EuropeItaly1999 Acquisition and incorporation of
Unicem ;
Listing on the Italian stock exchange with the name of Buzzi Unicem
United States
New markets
Existing marketsUAE
5 Banca Akros | 5 October 2026
BUZZI TODAY
OPERATIONAL SUMMARY AND KEY NUMBERS
OWNERSHIP
NET SALES
(FY 2025)GROUP STRUCTURE AND OPERATION (2025) – GROUP EXPOSURE BY REGION (%)
Market Cap
~6.6 €b
4.5 €b
1.1 €b1.2 €bEBITDA
(FY 2025)
NET CASH
(FY 2025)ITALY CENTRAL EU EASTERN EU USA BRAZIL
#9
cement plants
9.8mt
cement capacity
#101
rmxbatch plants17% 22% 16% 2%%
Sales
%
EBITDA
#9
cement plants
8.6mt
cement capacity
#117
rmxbatch plants#4
cement plants
7.6mt
cement capacity
#78
rmxbatch plants#8
cement plants
10.2mt
cement capacity
#64 rmxbatch plants@ 30/09 /2026
Buzzi family
Market59%
41% 8%
#7
cement plants
7.5mt
cement capacityUAE
#1
Cem. plants
2.4mt
Cem. capacity35%
15% 12% 17% 1% 8% 47%
6 Banca Akros | 5 October 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
9plants
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 60ready -mix batch plants 5 aggregate quarriesPOLAND
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% ownershipGERMANY, 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, 31st2025ALPACEM –(25%)
SLOVENIA
1 plant
1.3 m/t cement production capacity
Rmxand aggregates
AUSTRIA
1 plant
0.7 m/t cement production capacity Rmxand aggregatesUNITED ARAB EMIRATES
1 plant
2.4 m/t cement production capacity
INVESTMENT HIGHLIGHTS
8 Banca Akros | 5 October 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%
01000200030004000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Net Sales (€m) EBITDA (€m) EBITDA MarginNet 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 prices4,519
9 Banca Akros | 5 October 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 20252016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ItalyEBITDA (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% GermanyEBITDA 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% BeneluxEBITDA 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/ SlovakiaEBITDA 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% PolandEBITDA 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% UkraineEBITDA 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% -
RussiaEBITDA 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%
USAEBITDA 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%
UAEEBITDA 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%
10 Banca Akros | 5 October 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%
01002003004005006007008009001,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Net Cash from operation Capex %Capex/Net Sales Financial investments
500€m1,000€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
11 Banca Akros | 5 October 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)0x1x2x
01,0002,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Gross Debt Cash+Fin.Assets
1€b2€b
Net Cash position Since the end of 2021, further strengthened in 2025.
Strongest balance sheet in the industryConsistent 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
12 Banca Akros | 5 October 2026
SUSTAINABLE GROWTH IN SHAREHOLDERS
REMUNERATION
0100200300400500600700
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0.000.200.400.600.80
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Equity FCF Dividend paid DPS ordinary DPS savings700€m
350€m
0€m
00.40.8+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
13 Banca Akros | 5 October 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.
H1 2026 OVERVIEW
15 Banca Akros | 5 October 2026
H1 2026 IN BRIEF
+5.4%
-4.2%
+0.1%
-1.1% lfl
-8.2%
-8.2% lfl
-190bps
-€214mCement volumes slightly declined inEurope, reflecting weaker demand and adverse weather conditions inQ1,partly offset by strong performances inthe U.S.and Brazil .Including scope changes, cement volumes increased by 5.4%,while rmxvolumes declined by4.2%.
NetSales were broadly stable, benefiting from a €61mcontribution from scope changes, while H1 EBITDA reached €483m,including a€9mpositive scope effect .
Atconstant scope ,profitability improved inItaly, Poland, UAE and Brazil thanks tostronger operating leverage, while higher production costs pressured margins elsewhere .
Netcash position decreased by€214m,primarily reflecting theshare buyback program andhigher
capex
16 Banca Akros | 5 October 2026
NET SALES VARIANCE ANALYSIS
(€m)
Unfavorable impact Favorable impact *FXeffect calculated with acomparison tothefullH12025 **Intercompany eliminations andadjustmentsVolume 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 26ITALY CENTRAL EUROPE EASTERN EUROPE USA BRAZIL UAE Others**2,187 2,189
(26)143
(22)64
(12)
(16)117
(12)
(50)1219953
7
(1) (5)1
17 Banca Akros | 5 October 2026
EBITDA VARIANCE
(€m)
Unfavorable impact Favorable impact(€m) 1H 25 Volume Price Variable Cost Fixed Cost Others CO2 FX Scope 1H 26(42)1913
(18)
(15)0
(9)9
483526
18 Banca Akros | 5 October 2026
Net Cash
FY 25Net Cash
from Op.CapexEquity
Inv.Dividends
paidDividends
receivedShares
BuybackOthersNet Cash
1H 26
Unfavorable impact Favorable impact1 2
3343 354
261
1H 24 1H 25 1H 261
218 219264
1H 24 1H 25 1H 26
108124123
1H 24 1H 25 1H 2632Net Cash Flow from Op.
Capex
Dividends paid
CASH GENERATION & CAPITAL ALLOCATION
(€m)
1,110
896261
(264) (11)
(123)41
(180)62
OUTLOOK 2026
20 Banca Akros | 5 October 2026
OUTLOOK 2026 | UPDATE
Construction demand is expected to remain broadly stable through year -end, with second -half trends consistent with H1 performanc e. Geopolitical and trade -related uncertainties are likely to continue driving cost volatility.
-USA:Weak residential andnon-residential demand ispartly offset bycontinued strength indata center andinfrastructure investments .
-Italy:phase -outofgovernment incentives continues toweigh onresidential andinfrastructure demand, with current trends expected topersist .
-Central Europe :Construction demand remains below expectations, with support from theFederal Infrastructure Plan inGermany expected to become visible after Q4.
-Eastern Europe :Following aweather -impacted start totheyear, demand trends remain supported bygovernment initiatives intheCzech Republic andPoland .
-Brazil :Outlook remains favourable ,supported byongoing interest ratecuts, lowunemployment andimproving construction activity .
-UAE:Despite geopolitical tensions, construction activity remains robust, andthefirstfullyearofUAEconsolidation contributes positive results .
-Mexico :Market trends areexpected toremain broadly consistent with H1,with USMCA developments representing akeysource ofuncertainty .
-.
Inflationary pressures are expected to continue driving production costs, while energy markets remain volatile and may affect the 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.
OUR JOURNEY TO NET ZERO
22 Banca Akros | 5 October 2026
«OUR JOURNEY TO NET ZERO»
ROADMAP UPDATE
551 KgCO2/t cem.ious prod.2025
<500
KgCO2/t cem.ious prod.2030CO2 emissions reduction in line with our roadmap
Target confirmed
Note: Roadmap perimeter updated with 2025 change in consolidation scope 2021 2025 2030 2050Kg CO2/t cem.ious product (net –scope 1) NET
ZERO
APPENDIX
24 Banca Akros | 5 October 2026
HISTORICAL VOLUME EVOLUTION
26.827.929.1 29.331.2
28.3
26.3 26.331.9
14.915.7
2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H2612.3 12.1 12.111.712.111.5
10 9.7 9.9
4.8 4.6
2017 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26Cement (mt) Ready -mix concrete (mm3)
25 Banca Akros | 5 October 2026
80100120140160180200
FY21 1Q22 2Q22 3Q22 FY22 1Q23 2Q23 3Q23 FY23 1Q24 2Q24 3Q24 FY24 1Q25 2Q25 3Q25 FY25 1Q26 2Q26ITALY
USA
GERMANY
LUXEMBOURG
CZECH REPUBLIC
POLAND
BRASILE
UAE
MESSICO(Index -LOC)PRICE INDEX BY COUNTRY
FY21=100
187 167
158 159
137
138H1 26
169138
164
26 Banca Akros | 5 October 2026
HISTORICAL CEMENT CONSUMPTION BY COUNTRY
020406080100120
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252025 USA BRA
MEXGER
POLITA
CZK102 mt
67 mt
45 mt22 mt 19 mt22 mt
4 mt
Note: All figures shown above should be regarded as estimates.
27 Banca Akros | 5 October 2026
2025 CEMENT CONSUMPTION VS PEAK
45.247.2Mexico2021
339369Mexico20214.15.1 Czech
Rep.2008
367490 Czech
Rep.200821.530Germany2003
258350Germany2003102122.6USA2005
293390USA200522.446.9Italy2006
370810Italy2006Total market (m ton) Per capita consumption (kg)
18.919.3Poland2021
482511Poland2021
66.972.7Brazil2014
314Brazil2014
22.122.1UAE2025
1,922 1,922 UAE2025362
Note: All figures shown above should be regarded as estimates.
28 Banca Akros | 5 October 2026
THIS REPORT CONTAINS COMMITMENTS AND FORWARD -LOOKING STATEMENTS BASED ON
ASSUMPTIONS AND ESTIMATES .EVEN IFTHE COMPANY BELIEVES THAT THEY ARE REALISTIC AND
FORMULATED WITH PRUDENTIAL CRITERIA, FACTORS EXTERNAL TOITSWILL 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 TOTHE ACTUAL PERFORMANCE AND WILL GIVE ANACCOUNT OFTHE
REASONS FOR ANY DEVIATIONS .