Buzzi SpA: Q1 revenues -2% organic. Conservative guide.

Research evidence excerpt

Buzzi SpA: Q1 revenues -2% organic. Conservative guide.

UpdateM

Outlook: Management noted Q1 is seasonally volatile and not fully indicative of the year.

The US offset weaker European conditions, but macro and geopolitical uncertainty

remains elevated, particularly around energy, supply chains, and costs. The company

maintained its prior guidance for a slight decline in recurring EBITDA in 2026 versus the

strong 2025 result, driven by cost pressures and weaker USD FX conditions.

Italy: Cement and ready-mix concrete volumes declined YoY due to adverse weather

conditions in January and February, with some recovery in March. Cement and concrete

pricing increased YoY.

United States of America: Cement volumes increased YoY, supported by major contract

works and an easy comparison base, while ready-mix concrete volumes also increased YoY.

Cement pricing declined YoY in local currency, whereas ready-mix concrete pricing

increased slightly YoY.

Germany: Cement and ready-mix concrete volumes declined YoY due to adverse weather

conditions. Selling prices increased slightly YoY.

Luxembourg and Netherlands: Cement volumes in Luxembourg and ready-mix concrete

volumes in the Netherlands declined YoY because of adverse weather conditions. Cement

pricing was broadly stable YoY, while ready-mix concrete pricing increased moderately

YoY.

Poland: Cement and ready-mix concrete volumes declined YoY due to unfavorable

weather and a strong comparison base. Cement prices increased slightly YoY, while ready-

mix concrete prices declined moderately YoY.

Czech Republic: Cement volumes increased YoY, while ready-mix concrete volumes

increased more strongly YoY, supported by two new batching plants. Pricing trends

improved YoY.