Buzzi, revenues up but profit halved: US and guidance weigh. Stock market slump
Consolidated sales were close to EUR 2.2 billion (+6.5 per cent). Weak deliveries in the US were more than offset by recovering demand in Central and Eastern Europe, and the share price fell 8.6 per cent in the Italian stock market.
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Key points
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Revenues up but profits halved. And Piazza Affari is affected. Buzzi closed the first half of the year with a net profit of EUR 389.8 million, down 7.6% from EUR 421.9 million in the same period of 2024.
Accounts
Consolidated sales increased from €2.05 billion to €2.18 billion (+6.5% from 2024) as a result of a series of extraordinary transactions that changed the Group's scope of consolidation. In October last year, Buzzi, on the one hand, acquired the remaining 50% of the capital in the Brazilian joint venture and, on the other hand, sold its assets in Ukraine.operations in Brazil, Ukraine, Austria, Arab Emirates, etc.). So much so that, at constant exchange rates and perimeter, turnover would have remained substantially in line with last year's results (+0.9 per cent).
The net positive contribution of extraordinary operations enabled the Group to increase cement deliveries in the half-year (+23.7%) to 14.9 million tonnes. On the other hand, ready-mix concrete production stood at 4.8 million cubic metres, up 3.7% from 2024. The group's cement sales in the first six months of 2025 increased moderately, a company note noted, reflecting a rather subdued demand trend in the US, which was more than offset by the recovery in consumption in Central and Eastern Europe. On the other hand, the net positive contribution of extraordinary operations allowed Buzzi's cement deliveries to close the half-year with a marked strengthening (+23.7%), at 14.9 million tons. On the other hand, ready-mix concrete production stood at 4.8 million cubic metres, up 3.7% over 2024.
Consolidated EBITDA amounted to EUR 526 million, down 4.8% from EUR 552.7 million in the previous year. The figure for the period includes net non-recurring expenses of EUR 0.4 million (it was EUR 4.5 million in 2024). Excluding these items, recurring EBITDA increased from EUR 548.3m to EUR 526.3m, with a revenue margin of 24.1% (26.7% in 2024). After depreciation and amortisation of EUR 160.1m (EUR 127.3m in 2024), operating profit amounted to EUR 365.9m, down from EUR 425.4m in 2024.
At the end of the period, the consolidated net financial position amounted to EUR 691.2 million (compared to EUR 755.2 million at the end of 2024). In the six months under review, the group paid dividends to the company's shareholders in the amount of EUR 123.7m and incurred capital expenditures totalling EUR 377.9m.
