Buzzi S.p.A. (BZZUY) Q4 2025 Earnings Call Transcript

SA Transcripts159.17K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Buzzi S.p.A. (BZZUY) Q4 2025 Earnings Call March 31, 2026 10:30 AM EDT Company Participants Pietro Buzzi - CEO & Executive DirectorLorenzo Coaloa Conference Call Participants Benjamin Rada Martin - Goldman Sachs Group, Inc., Research DivisionElodie Rall - JPMorgan Chase & Co, Research DivisionEmanuele Gallazzi - Equita SIM S.p.A., Research DivisionArnaud Lehmann - BofA Securities, Research DivisionYassine Touahri - On Field Investment Research LLPAlessandro Tortora - Mediobanca - Banca di credito finanziario S.p.A., Research Division Presentation Operator Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Buzzi S.p.A Full Year 2025 Results Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Pietro Buzzi, CEO of Buzzi S.p.A. Mr. Buzzi, you have the floor. Pietro BuzziCEO & Executive Director Thank you, and good afternoon, everyone. Welcome to our conference call. And again, thanks for participating. We do publish a presentation, which I will follow at least in part, if not in full, that is available on our website. So I will mainly refer to that and to the page. So starting from the first page, we have a brief summary of what has been 2025 for Buzzi. Overall, a good year, although not as good as the 2 last one, so with some decline in profitability, but still showing, let's say, very strong results and very significant cash flow generation. So as you can see from here, we had a slight improvement in our revenues, in our net sales. This was already disclosed at the beginning of February with an impact -- positive favorable impact coming from the changes in scope. EBITDA is falling somewhat short of last year, minus 3% approximately, which would be actually minus 6% like-for-like. So the overall impact again of the Forex and