Time Value Of Money. Initiating With Hold

Research evidence excerpt

Time Value Of Money. Initiating With Hold

Italy | Building, Construction & Housebuilders

Buzzi EquityJulyResearch14, 2026

INITIATING COVERAGETime Value Of Money. Initiating With Hold

At 6.0x 2026 EV/EBITDA Buzzi is cheap. With significant exposure to RATING HOLD

Germany, E Europe and USA, Buzzi is better positioned to benefit from PRICE €44.47^

recovery in these regions than many large cap peers. Net cash equivalent to PRICE TARGET | % TO PT €49.50 | +11%

>10% of market cap, provides capacity for meaningful M&A to supplement 52W HIGH-LOW €54.75 - €40.20

organic growth. But with the question of when these catalysts play out, we FLOAT (%) | ADV MM (USD) 43.4% | 22.64

initiate Buzzi with a Hold. MARKET CAP €8.1B | $9.2B

TICKER BZU IM

Why read this report? ^Prior trading day's closing price unless otherwise noted.

• JEFe ahead of consensus forecasts for FY26

• Analysis of financial capacity, potential acquisition targets and capex requirements

• Deep dive on EU ETS reform and relevance for Buzzi FY (Dec) CHANGE TO JEFe JEF vs CONS

• Examination of exposure and leverage to key growth thematics 2026 2027 2026 2027

• Deep dive on Buzzi cement demand/supply from our just published global cement REV NA NA +1% +1%

. demand/supply chart. EPS NA NA +1% +5%

Net cash brings significant optionality for M&A & capital returns. JEFe net cash of close to 2026 (€) Q1 Q2 Q3 Q4 FY

€1bn at YE26, equivalent to >10% of market cap, provides Buzzi meaningful capital to deploy. EPS -- -- -- -- 4.73

Leveraging to 1.5x net debt/EBITDA offers over €2bn of accessible financial capacity to 2027,

with an acquisition of this scale capable of bringing 10% upside to group revenue & EBITDA.

Through the last 3 years, the group has done deals and stepped up share buybacks. But with