Cement sales at 31.9 million tons, up 21.2% compared with last year (+0.8% like for like); ready-mix concrete sales at 9.9 million cubic meters (+1.8%)

Consolidated net sales at €4,518.8 million, improving 4.8%compared to 2024. On a like-for-like basis, organic growth reached 0.5%

Recurring EBITDA for 2025 is expected to be about €1,230 million

 

Consolidated figures		Jan-Dec 2025	Jan-Dec 2024	25/24
Cement sales	t/000	31,904	26,331	+21.2%
Ready-mix concrete sales	m3/000	9,850	9,679	+1.8%
Net sales	€/m	4,519	4,313	+4.8%
		Dec 25	Dec 24	Change
Positive net financial position	€/m	1,131	755	376

 
The Board of Directors of Buzzi SpA has met today to examine the preliminary figures for the financial year just ended.

During the year, the global economy recorded moderate growth (+3.2%), despite geopolitical tensions and uncertainties weighing on investment and slowing international trade. Inflation continued to decline, although it remained elevated, particularly in the services sector. Overall, macroeconomic prospects remain positive but are subject to significant risks related to the evolution of geopolitical tensions, uncertainty in trade dynamics and the volatility of energy and raw material prices.

In the United States, GDP growth was driven primarily by domestic demand, with a strong contribution from household consumption and, to a lesser extent, from certain components of public spending. However, the overall pace of growth slowed down compared with previous years, with private investment showing uneven trends across sectors. Disinflation continued over the course of the year, although some upward price pressures persisted in specific segments.

In the Eurozone, despite domestic demand remaining stable, the weakness in industrial production and, consequently, in corporate capital spending slowed economic activity.

In Italy, GDP grew moderately in 2025, weighed down by the slowdown in manufacturing and services, as well as by weak private consumption and investment, both of which continue to be affected by the still high cost of capital.

Regarding the emerging economies in which the group operates, such as Brazil and Mexico, growth was moderate, driven primarily by domestic demand, while inflation remains around 4% in both countries. In the United Arab Emirates, the expansion in the tourism and construction sectors further strengthened the economy.

The main central banks have adopted a cautious approach, calibrating their decisions based on the evolution of inflation and growth prospects. The Federal Reserve initiated a gradual easing process, lowering the federal funds rate to the 3.50–3.75% range at the December meeting. The European Central Bank took a more cautious stance: after a series of cuts in the first half of the year, it kept benchmark rates unchanged in the second half, reaffirming its objective of bringing inflation steadily close to 2% in the medium term. In emerging economies, the Central Bank of Mexico continued a gradual monetary easing cycle, reducing the benchmark rate several times during the year, while the Central Bank of Brazil maintained a restrictive stance with high rates to counter persistent inflationary pressures.

During 2025, the scope of consolidation underwent some significant changes. In January, the strategic Alpe-Adria partnership agreement with the Austrian Wietersdorfer group was executed, through the sale of the Fanna (PN) cement plant to Alpacem Zement Italia and the subscription, at the same time, of a capital increase to acquire a 25% stake in Alpacem Zement Austria. In May, the group further expanded its international presence by acquiring a controlling stake in Gulf Cement Company, a company based in Ras Al Khaimah (UAE), producing cement for both the domestic UAE and the export market. In this context, cement and ready-mix concrete sales volumes showed a positive trend compared with the previous year, particularly including the changes in the consolidation scope that occurred during the year.

Cement sales of the group for the whole of 2025 amounted to 31.9 million tons, up 21.2% compared to 2024. Ready-mix concrete output, equal to 9.9 million cubic meters, was also higher than the volumes of last year (1.8%). Sales volumes and changes in the consolidation scope contributed positively to the turnover (+€233.1 million), while foreign exchange rate changes negatively impacted for €50.7 million. Like for like, consolidated net sales would have increased by 0.5%.

Net sales breakdown by geographical area is as follows:

million euro	Jan-Dec 2025	Jan-Dec 2024	∆ %	∆ % lfl
Italy	790.9	818.0	-3.3	+2.1
United States of America	1,605.8	1,726.8	-7.0	-2.9
Germany	801.2	792.3	+1.1	+1.1
Luxembourg and Netherlands	196.8	183.0	+7.5	+9.0
Poland	196.0	173.7	+12.8	+11.1
Czech Republic and Slovakia	221.3	208.5	+6.1	+4.4
Brazil	363.0	85.8	n.s.	n.s.
United Arab Emirates	85.5	-	n.s.	n.s.
Ukraine	-	71.3	n.s.	n.s.
Russia	303.1	294.0	+3,1	-3,1
Eliminations	(44.8)	(40.5)
	4,518.8	4,313.0	+4.8	+0.5
Mexico (100%)	940.4	998.3	-5.8	+2.9

 

Net financial position at the end of the 2025 financial year, including long-term financial assets, is positive and amounts to €1,130.9 million, improving versus €755.2 million at year-end 2024.
In light of this strengthening, the company decided not to proceed with the bond issuance approved in August, meeting its operating and investment needs through its own resources.

Italy
In 2025, the Italian economy grew modestly, with GDP estimated to increase by around 0.4%, following a contraction in the second quarter and a period of stability in the third one. Momentum was mainly supported by investment, particularly in infrastructure financed by the National Recovery and Resilience Plan (PNRR), while residential investment continued to show a negative trend.
In this context, cement volumes, taking into account the changes in the scope of consolidation, remained broadly stable year-on-year, while selling prices showed a positive trend versus 2024. The ready-mix concrete segment recorded slight increases in both volumes and prices. The group’s revenue in Italy reached €790.9 million, remaining broadly in line with 2024 on a like-for-like basis.

United States of America
The US economy continued to expand, albeit at a slower pace than in previous years, with GDP growth estimated at around 1.8% year-on-year. In the construction sector, overall spending remained at solid levels, supported by infrastructure and non-residential segments, net of the slowdown in the residential segment.
After a sharp contraction in the first part of the year, driven by weak demand and adverse weather conditions, cement sales volumes showed signs of recovery during the second semester, closing 2025 at a level slightly below that of 2024. Cement selling prices, which had remained stable in the early part of the year, declined slightly in the final months. In the ready-mix concrete segment, which is primarily present in Texas, sales volumes confirmed the weakness already observed at the beginning of the period. As a result, total net sales amounted to €1,605.8 million, down by € 121.1million (–7.0%) compared with the previous year, significantly affected by the depreciation of the US dollar (-4.4%). At constant exchange rates, the decline would have been limited to -2.9%.

Central Europe

Germany
The German economy experienced a phase of stagnation, with GDP growing by 0.2%, following two years of contraction. Despite weak exports, public spending supported consumption and investment, particularly in the non-residential and infrastructure sectors. Private investment and real estate investment declined, held back by economic uncertainty.
The group closed 2025 recording growth in both cement and ready-mix concrete volumes, confirming signs of recovery after the slowdown observed at the beginning of the year. Prices, however, showed a decline compared with the previous year. In this context, total net sales amounted to €801.2 million, up 1.1% from €792.3 million in 2024.

Luxembourg and the Netherlands
In 2025, the economies of the Netherlands and Luxembourg continued to grow at a moderate pace, with GDP in the Netherlands estimated at around +1.7% and in Luxembourg at +0.9%. The improvement was driven mainly by household consumption and public spending, while overall investment remained weak. In the construction sector, activity expanded in the Netherlands thanks to infrastructure investment, whereas in Luxembourg it benefited from public investment, albeit with a more subdued trend linked to domestic demand.
In both countries, the group recorded an increase in cement sales volumes. Performance in Luxembourg, despite still-weak domestic demand, was supported by the expansion of exports. In the Netherlands, ready-mix concrete volumes increased compared with 2024. Selling prices showed a slight year-on-year decline; however, higher volumes supported revenue growth, which amounted to €196.8 million, up from €183.0 million in the previous year.

Eastern Europe

Poland
The Polish economy grew by 3.2%, driven mainly by private consumption and public investment. Domestic demand continued to underpin growth, while the net contribution from foreign trade remained negative. The construction sector benefited from strong growth, fueled by investments aimed at rebuilding the areas affected by the 2024 floods in the south-west of the country, as well as by spending in the energy and infrastructure sectors.
In this context, cement deliveries, after a sharp strengthening in the first half of the year, slowed down in the subsequent quarters, while still remaining at favorable levels. Selling prices showed a slight compression, attributable to a highly competitive environment linked to imports. In 2024, ready-mix concrete volumes recorded a slight decline, while prices increased compared with the previous year. Net sales reached €196.0 million, up 12.8% year on year; at constant exchange rates (+1.5%), turnover would have grown by 11.1%.

Czech Republic
In 2025, the economy grew by 2.4%, driven mainly by domestic demand and investment, with a significant boost from the construction sector, which continues to rank among the main drivers of medium-term growth, across all its segments.
The group recorded an increase in cement sales volumes, driven primarily by growth in domestic demand, which more than offset the decline in exports. Ready-mix concrete volumes also increased, benefiting from the start-up of two new batching plants and from a positive market environment, supported by major construction projects, particularly in the Prague area and in Bohemia. Selling prices closed slightly up year on year. As a result, consolidated net sales amounted to €221.3 million, up 6.1% compared with financial year 2024. At constant exchange rates revenues would have grown to €217.6million (+1.7%).

Brazil
In 2025, the Brazilian economy grew at a moderate pace. The construction sector maintained the positive trend of previous years, supported by both public and private investments.
In this context, our hydraulic binder sales showed a growing trend over the year, both in terms of volumes and prices, benefiting from generally favorable market conditions. During the period under review, net sales amounted to €363.0 million, reflecting a 2.9% decline on a pro-forma basis compared with the previous year. Excluding the effect of exchange rate fluctuations (-1.4%), revenues would have amounted to €368.1 million.

United Arab Emirates
In 2025, the economy of the United Arab Emirates grew by 4.8%, supported both by the strong performance of non-oil sectors - including tourism, services and construction - and by the recovery in hydrocarbon production. The construction sector continued to contribute significantly to growth, driven by infrastructure projects and large-scale real estate developments.
The group’s operations, included in the consolidation scope starting from May 2025, with the acquisition of Gulf Cement Company, benefited from strong domestic demand: sales volumes increased significantly, along with an improvement in selling prices. During the period May to December, total revenues generated in the country reached €85.5 million.

Russia 
The economic situation of the country continued to slow down compared to previous years, with GDP growth estimated at 0.8% in 2025.
Our cement deliveries declined compared to the previous year, with a more pronounced slowdown in the final part of the period. Prices showed a positive trend in the first quarter, followed by a gradual contraction, yet overall they remained higher year-on-year compared to 2024. Net sales came in at €303.1 million, up 3.1% from €294.0 million in 2024. The exchange rate (+6.1%) contributed positively to the translation of results into euros; at constant exchange rates, revenues would have declined by 3.1%.

Mexico (valued by the equity method)
The Mexican business environment experienced a contraction in GDP in the third quarter of the year compared to the beginning of the period, reflecting a slowdown in economic activity that is estimated to have continued in the subsequent months. The construction sector keeps showing signs of weakness, penalized by a reduction in infrastructure investments and the slowdown of private projects.
In light of the operational context during the period, our associate closed the year with a slight decline in cement and concrete volumes, despite a recovery in the final months of the year. Prices, on the other hand, showed a moderate increase compared to 2024. With reference to 100% of the joint venture, net sales came in at €940.4 million, down 5.8% year-on-year. The unfavorable effect of exchange rates (-9.3%) negatively impacted the translation of results into euros; at constant exchange rates, net sales would have reached €1,027.6million (+2.9%).

Pre-closing 2025
In 2025, demand across the main markets where the group operates showed a heterogeneous trend. In Italy, the steadiness of domestic market allowed delivery levels to be resilient, while in the United States the recovery in volumes during the second half of the year was not sufficient to restore consumption to previous year levels. In Central Europe, improvements were recorded compared to 2024, with volumes increasing in Germany, Luxembourg and the Netherlands, whereas in Eastern Europe the volume growth, which was particularly strong in the first half of the year, slowed down thereafter, though remaining positive. Brazilian operations recorded volume increases, while the Mexican market faced again somewhat declining sales.
During the year, the aforementioned strategic transactions reinforced our business profile, including the sale of the Fanna cement plant in February and, in May, the acquisition of a controlling stake of Gulf Cement Company in the United Arab Emirates. Based on currently available preliminary data, we expect 2025 to close with a recurring EBITDA of €1,230 million, at the upper end of the guidance range provided in November. However, on a like-for-like basis, we anticipate a decrease of around 6% in recurring EBITDA. 

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Alternative performance measures
Buzzi Unicem uses in its financial disclosure some alternative performance measures that, although widespread, are not defined or specified by the accounting practice. Pursuant to Consob Communication no. 92543/2015 and the guidelines ESMA/2015/1415 set out below is the definition of the measures which have been used in this disclosure.

Net financial position: it is a measure of the capital structure determined by the difference between financial liabilities and assets, both short and long term. Such items include all interest-bearing liabilities or assets and those connected to them, such as derivatives and accruals.

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The manager responsible for preparing the company’s financial reports, Elisa Bressan, declares, 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 the document results, books and accounting records.

Company contacts:
Investor Relations Assistant
Ileana Colla
Phone +39 0142 416404
Email: ileana.colla@buzzi.com