Buzzi's 1Q'26 results showed group sales of EUR 960m, matching expectations as strong US infrastructure demand offset weather-related weakness in Europe. The company reiterated its FY'26 outlook for slightly lower EBITDA, leaving analyst estimates broadly unchanged.
Key Takeaways
- 1.Buzzi reported 1Q'26 Net Group Sales of EUR 960m, which was slightly ahead (+1%) of consensus but down 1% year-on-year.
- 2.Management reiterated FY 2026 EBITDA guidance for a slight year-on-year decline due to cost pressures and FX headwinds.
- 3.Performance was regionally split: US volumes were stronger than expected due to infrastructure and data center demand, while Europe was hampered by difficult weather.
Table of Contents
- FY'26 Outlook reiterated
- Key regional pricing
- Net Debt / gearing
- What does it all mean?
- Valuation Methodology & Key Risks
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
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Authors
Ben Rada MartinPatrick CreusetNatasha Phillips
Securities
BZU.MI
Themes
Weather impact on European constructionInfrastructure and Data Center structural demand
Regions
EuropeNorth AmericaLatin AmericaItalyUnited StatesGermany