Buzzi SpA reports consolidated EBITDA up 58% in 1H23

Buzzi SpA announced its 1H23 results reporting that consolidated EBITDA stood at EUR575.3m, up 57.6 per cent compared to EUR365.1m of the previous year. The figure for the period under review includes non-recurring income of EUR3.6m.

Profit before tax amounted to EUR552.9m (EUR119.8m in the previous year), considering a contribution of EUR80.6m from equity earnings (EUR57.6m in 2022) and positive net finance costs of EUR24.9m (-EUR56m negative in 2022). After income taxes of EUR121.7m (EUR31.2m in 2022) the income statement closed with a net profit of EUR431.2m (EUR88.7m in the 1H22). 

Cement sales reached 13.1Mt, down 8.3 per cent compared to the same period of 2022. The decline already noted at the beginning of the year was also confirmed in the following three months. The steadiness of volumes in Italy, Ukraine and Russia was not able to compensate for the slowdown observed in central Europe, eastern Europe and to some extent in the USA.

Ready-mix concrete output throughout June was also below the level achieved last year, reaching 5.1Mm³ (-12.3 per cent versus 2022). In this sector, the development was particularly negative in central and eastern Europe, while in Italy and the US the decline was more limited.