Buzzi has announced that in 2025 cement volumes increased by 21.2 per cent, rising from 26.3Mt in 2024 to 31.9Mt in 2025. Ready-mix concrete sales also recorded an increase compared to the previous year, up 1.8 per cent to reach 9.9Mm3. 

Consolidated net sales increased from EUR4313m to EUR4518.8m, up 4.8 per cent compared with the previous year. In 2025, revenue benefited from changes in the scope of consolidation, which contributed positively by EUR233.1m. Exchange rate fluctuations, on the other hand, had an overall negative impact of EUR50.7m, mainly due to the depreciation of the US dollar, the Brazilian real and the dirham. On a LfL basis, both in terms of exchange rates and scope, net revenues would have remained substantially stable compared to 2024 (+0.5 per cent). 

In Italy, average selling prices for both cement and ready-mix concrete increased; however, net sales amounted to EUR790.9m, down 3.3 per cent compared to 2024, mainly due to the disposal of the Fanna plant. In the United States, price stability, combined with a reduction in sales volumes, led to revenue of EUR1605.8m compared to EUR1726.8m in the previous year. In central

Europe, the increase in volumes of hydraulic binders and ready-mix concrete supported revenue growth, which reached EUR967.3m compared to EUR947m in 2024. Performance in eastern Europe was positive, with net sales rising 8.4 per cent to EUR810.2m compared to EUR747.5m in the previous year. In Brazil, net sales stood at EUR363m, down 2.9 per cent on a pro-forma basis compared to the previous year, in which line-by-line consolidation occurred only from the fourth quarter onward. Finally, the consolidation of activities in the United Arab Emirates starting in May contributed EUR85.5m to group revenue.  

Consolidated EBITDA stood at EUR1236.6m, down 3.1 per cent compared to EUR1276.1m of 2024. Performance was negatively affected by the foreign exchange effect, with an adverse impact of EUR20.4m, while changes in the scope of consolidation contributed positively by EUR61.2m. The result for the year includes net non-recurring costs of EUR2.5m, down compared to EUR4.5m in 2024. Excluding non-recurring items, EBITDA stood at EUR1234.1m, EBITDA to sales margin standing at 27.3 per cent (29.5 per cent in 2024).

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After amortisation of EUR330.4m (EUR272.3m in 2024) and impairment of fixed assets of EUR8m (EUR1.9m in 2024), EBIT stood at EUR898.1m, down from EUR1001.9m in the previous year. Net financial income increased significantly, from EUR74.9m to EUR153.4m, mainly due to positive foreign exchange differences. 

Outlook
Economic forecasts for 2026 outline a broadly stable global growth scenario, supported by investments in technology, innovation and infrastructure, as well as by still-dynamic demand in some of the world’s major economies. In addition to the already known downside risks -among which geopolitical tensions, ongoing conflicts in various regions and uncertainties surrounding international trade – the recent developments in the Middle East outbreak introduce a further significant risk element compared to the macroeconomic and operating scenario initially envisaged for 2026. In particular, a likely increase in energy prices could have a material impact on the trend of our operating costs.