Italy: Buzzi reported consolidated net sales of €4.52bn in 2025, up by 5% year-on-year compared to the previous year, with like-for-like growth of 0.5%. Recurring earnings before interest, taxation, depreciation and amortisation (EBITDA) totalled €1.24bn in 2025, down by 3%. Cement and clinker sales increased to 31.9Mt in 2025 from 26.3Mt in 2024, representing a 21% increase, although on a like-for-like basis cement volumes were broadly stable compared to the previous year.
The company said that the global economy ‘demonstrated a solid capacity for resilience’ in 2025, despite trade tensions and geopolitical pressures. Growth in Europe, however, remained subdued due to weak domestic demand and limited investment. Germany exhibited particularly ‘fragile’ dynamics, whereas Italy recorded ‘modest but positive’ growth. The US economy continued to expand supported by domestic demand. Among the main emerging markets in which Buzzi operates, Brazil saw growth driven by domestic demand while Mexico recorded weak economic expansion, with ‘stagnant’ domestic demand and pressure on consumption. The UAE experienced strong growth supported by both the energy sector and non-oil sectors, particularly construction, tourism and financial services.
Looking ahead to 2026, Buzzi expects ‘broadly stable’ global growth supported by infrastructure investment and technology innovation, but warned that geopolitical tensions could increase operating costs. It said “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 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.”
In Italy, Buzzi said that residential construction is expected to decline according to the latest estimates, and it expects some slowdown in its sales volumes compared to the previous year. It said that pricing trends are also expected to be influenced by carbon costs linked to the EU emissions trading system (ETS) and the Carbon Border Adjustment Mechanism, and a possible revision of the ETS trading system in 2026.
