Buzzi Unicem announced half-year results, reporting cement volumes increased by 5.4%, driven by the consolidation of UAE operations. The company reported weak demand in the ready-mix concrete market (-4.2%).
Revenue remained stable at €2,188.5 million (-1.1% on a like-for-like basis). EBITDA was €482.7 million (-8.2%), with an unfavorable exchange rate effect of €8.9 million and a margin contraction of approximately 200 basis points, from 24% to 22%.
In the first half of 2026, the global economy showed a progressive slowdown, the company said, amid rising geopolitical tensions, heightened uncertainty over trade policies and renewed inflationary pressures primarily related to energy. The macroeconomic outlook was revised downward, partly due to the conflict in the Middle East (United States-Iran) and the resulting repercussions on energy markets; global growth is expected to remain around 3.1%.
Against this backdrop, international trade and the manufacturing sector exhibited weak and uneven growth, penalized by slowing foreign demand and still relatively restrictive financial conditions. The services sector, on the other hand, maintained moderate expansion, supported by domestic demand, tourism and the development of digital services.
Energy commodity prices have returned to high volatility: oil has seen significant increases due to fears of supply disruptions, while European natural gas has continued to fluctuate, albeit remaining at levels lower than the peaks of the 2022-2023 two-year period.
In the United States, the economy continued to expand in the first half of 2026, albeit at a more moderate pace than in previous periods. Domestic demand showed signs of slowing, particularly in household consumption, while investment, especially in the technology sector, continued to be a major driver of economic activity.
Inflationary pressures remained elevated, fueled primarily by rising energy and utility prices. In this environment, the Federal Reserve maintained a prudent monetary policy stance, leaving interest rates unchanged throughout the first half of the year and reiterating the need to carefully monitor inflation and the labor market before making any rate changes.
