In 2024 Buzzi’s cement sales on a like-for-like (LfL) basis at consolidated level would have declined due to subdued demand growth in most reference markets, except for Poland and Czechia. However, this weak trend was offset by the net positive contribution of extraordinary transactions, which allowed the group’s cement deliveries to close 2024 essentially in line with the previous year, ie 26.3Mt.
Conversely, ready-mix concrete sales amounted to 9.7Mm3, down 3.7 per cent versus 2023, also following the divestment of operations in France and Ukraine, as well as the downsizing of assets in Italy.
Consolidated net sales increased to EUR4313m (US$4669.8m) from EUR4317.5m. During 2024, the positive contribution from changes in the scope of consolidation amounted to EUR58.1m.
In Italy and the USA, the positive trend in selling prices offset the decline in volumes, thus allowing net revenues to remain in line with the previous year. As a matter of fact, net sales from Italian operations reached EUR818m (EUR818.3m in 2023), while the turnover in the USA came in at EUR1726.8m (-0.9 per cent).
In central Europe, net sales declined 97 per cent from EUR1049m to EUR947m, still weighed down by declining sales volumes across all reference markets.
Conversely, total revenue in eastern Europe saw moderate growth, reaching EUR747.5m (+2.3 per cent), despite the deconsolidation of Ukraine from October onward and negative exchange rate effects. On a LfL basis, net sales would have increased even further (+9.9 per cent), supported by higher selling prices in local currency and stronger domestic consumption in Poland and Czechia.
Additionally, the consolidation of Brazil, from the fourth quarter onwards, contributed EUR85.8m to the group's consolidated turnover.
Consolidated EBITDA stood at EUR1276.1m, up 2.6 per cent compared to EUR1243.2m of theprevious year. After amortisation of EUR272.3m, versus EUR248.2m 2023, and impairment of fixed assets of EUR1.9m, EBIT came in at EUR1001.9m, versus EUR984.8m in 2023. Net finance costs improved from a negative balance of EUR5.4m to a positive balance of EUR74.9m.
