Buzzi SpA: Q1'26 First Look

研报英文原文证据摘录

Buzzi SpA: Q1'26 First Look

Equity Research

European Construction, Building Materials & Infrastructure

13 May 2026

Buzzi SpA

Q1'26 First Look

Solid sales print, supported by strong US volumes (helped by

additional Data Centre shipments). European volumes hurt

by weather, but also seemingly sluggish pricing which is a BZU.MI/BZU IM EQUAL WEIGHT European Construction,

concern (EU ASPs "essentially in-line" with Q1'25). FY guide BuildingInfrastructureMaterials & NEUTRAL

unchanged. Price Target EUR 58.00

Price (12-May-26) EUR 46.86

Potential Upside/Downside +23.8%

Publication details Source: Bloomberg, Barclays Research

• Q1'26 sales at €960mn, down -1.5% LFL, is 6% ahead of BarcE. Beat predominantly

coming from the US with +6% LFL growth, with mgmt flagging "additional deliveries to major European Construction, Building

contract works, in particular data centers". Regionally: Materials & Infrastructure

Tom Zhang, CFA

° Italy and Germany both c.-6% LFL, with adverse weather impacting volumes in both +44 (0)20 3555 1395

markets. Pricing was positive but only a "slight" y/y increase in Germany. tom.zhang1@barclays.com

Barclays, UK

° Poland sales -26% LFL on significant volume decline. Pricing was up both y/y and q/q. On

Pierre Rousseau average though, European prices were essentially flat y/y with flattish development in

+33 (0)1 4458 3377

Luxembourg/Netherlands, and only gradual improvement elsewhere.

pierre.rousseau@barclays.com

BBI, Paris

° US +6% LFL on very strong volume development in the US (admittedly against a low base),

even though US$ pricing declined. Vijay Phani Sekhar Naraharisetty

+91 (0)22 6175 2384

° Brazil +14% LFL on better volumes (especially into March) and positive pricing. BRL vijayphanisekhar.naraharisetty@barclays.com

stability was also helpful.