Buzzi S.p.A. (BZZUF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, this is the Coruscall conference operator. Welcome and thank you for joining the BOOTSI SPA full year 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Pietro Buzzi, CEO of Buzzi SBA. Mr. Buzzi, you have the floor. 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 the ZEPT and to the PACE. So starting from the first page, we have a brief summary of what has been the 125 for Buzzi overall a good year, although not as good as the two last ones, so with some decline in profitability, but still showing, let's say, very strong results in that. 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. MBDA 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 the scope changes was favorable. The BDA margin, we are losing some profitability, which is mainly due to the fact that the additions, let's say, to the perimeter, to the scope, at least initially for the first year, they are coming in with an average profitability which is below the one of the, le...