Buzzi's preliminary cement sales in FY24 total 26.33Mt

Buzzi SpA has announced that its preliminary cement sales in the FY024 reached 26.33Mt, in line with the previous year (26.34Mt). Ready-mix concrete sales totalled 9.7Mm³, down 3.7 per cent YoY from 10Mm³.

Consolidated net sales were stable YoY at EUR4313m, but on a LfL basis saw a fall of 0.7 per cent. Recurring EBITDA for 2024 is expected to reach approximately EUR1270m, marking a slight improvement over 2023.

Sales prices favourably influenced the results, as did the changes in the scope of consolidation (+EUR58.1m), while foreign exchange rate changes negatively impacted the total by EUR34m.

The group’s biggest market is USA, where net sales totalled EUR1726.8m with no improvement YoY. However, the Polish market saw net sales of EUR173.7m, up 10.8 per cent YoY and Russian net sales reached EUR294m, up 3.3 per cent YoY.

The biggest decline was inUkraine where net sales totalled EUR71.3m, down 16.7 per cent YoY. Luxembourg and The Netherlands were not far behind with net sales of EUR183m, representing a drop of 14.5 per cent YoY. Germany also registered a decline in net sales to EUR792.3m, a fall of 9.1 per cent YoY.

In the last quarter volume trends improved in almost all the countries where the company operates.

Outlook
Despite an improving trend in the latter part of the year, 2024 showed some weakness in demand across most of the countries where the company operates, except for Poland and Czechia, although offset by a favourable development of selling prices.

The reduction in variable costs, above all fuels, contributed to further margin expansion in Italy and the United States, whereas the low production levels negatively impacted operating leverage in central Europe. The extraordinary transactions completed in October altered the group’s geographical exposure, with the exit from Ukraine and the consolidation of Brazil, leading to a net positive impact on consolidated results.

Therefore, based on preliminary available data, we anticipate that the consolidated financial statements for 2024 will close with a recurring EBITDA of approximately EUR1270m, in line with the expectations communicated at the beginning of November.