Breedon Group Plc · LSE:BREE
Breedon — H1 2026 Earnings Presentation
42 slides from Breedon's earnings presentation, Jul 29, 2026
Slide 1: Interim results 2026
Breedon Group plc Interim Results 2026 Interim results 2026 29 July 2026
Slide 2: Agenda
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 1 Agenda Group highlights Rob Wood, Chief Executive Officer Financial review James Brotherton, Chief Financial Officer Operational review Rob Wood Summary and outlook Rob Wood
Slide 3: Group highlights
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 2 Group highlights Rob Wood, Chief Executive Officer
Slide 4: Interim Results 2026 - Highlights
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 3 Interim Results 2026 - Highlights Positive momentum in Ireland and the US – Revenue growth and steady earnings supported by offsets continued GB geographic diversification m
Slide 5: Interim Results 2026 – Strategic update
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 4 Interim Results 2026 – Strategic update Strategic objectives – Expand: £110m of capital deployed into strategically attractive assets in Ireland and the United States progre
Slide 6: Financial review
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 5 Financial review James Brotherton, Chief Financial Officer
Slide 7: H1 2026 financial highlights
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 6 H1 2026 financial highlights Solid performance in mixed markets Revenue Reported Underlying EBITDA Margin ROIC Effective growth Tax Rate £857.9m +5% £115.5m 13.5% 7.0% 21.3%
Slide 8: H1 2026 Revenue and EBITDA bridges
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 7 H1 2026 Revenue and EBITDA bridges Revenue growing; EBITDA slightly improved on a like-for-like basis Revenue bridge £m EBITDA bridge £m +5% +0.5% 816 20 5 17 858 115 20 (20
Slide 9: H1 2026 divisional Revenue and EBITDA
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 8 H1 2026 divisional Revenue and EBITDA Positive momentum in Ireland and the United States offsets continued market challenges in Great Britain Great Britain Ireland United St
Slide 10: H1 2026 Net Debt and cash flow
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 9 H1 2026 Net Debt and cash flow Well-controlled seasonal working capital outflow; Net Debt increased to fund acquisitions in the period £(14.6) million Free Cash Flow £ milli
Slide 11: 2026 technical guidance
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 10 2026 technical guidance Income statement Cash flow Depreciation £125m to £130m Capital expenditure £125m to £135m Net interest expense c.£35m Full year working capital outf
Slide 12: Our capital allocation model
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 11 Our capital allocation model Investment as a differentiator Maximising value through Proactive investment through Meeting strategic Returning excess capital through capital
Slide 13: Operational review
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 12 Operational review
Slide 14: UK market
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 13 UK market Ongoing residential weakness weighs on market volumes; infrastructure growth forecast UK GDP growth modest UK construction forecast Residential Infrastructure Non
Slide 15: Great Britain operational review
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 14 Great Britain operational review Creditable performance despite challenging trading conditions Challenging market conditions £m H1 2026 H1 2025 % change % LFL – Residential
Slide 16: Back British Cement
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 15 Back British Cement British cement Domestic cement advocacy campaign launched – Foundation industry, essential to delivering the Government’s ambitions for economic growth,
Slide 17: Scottish renewables opportunity
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 16 Scottish renewables opportunity Example project Beauly to Peterhead – 185km of new overhead lines and electricity Substantial pipeline of projects well-located for our regi
Slide 18: RoI market
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 17 RoI market Significant construction growth forecast Robust domestic demand in Q1 RoI construction forecast Residential Infrastructure Non-residential All work – MDD growth
Slide 19: Ireland operational review
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 18 Ireland operational review Momentum building Price and volume growth £m H1 2026 H1 2025 % change % LFL – Busy start to the year included Revenue 154.3 137.7 +12% +9% commen
Slide 20: United States market
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 19 United States market Favourable market conditions US GDP shows modest growth in Q1 US CPiP Residential Infrastructure Non-residential All work – GDP grew 2.7% in the year t
Slide 21: United States operational review
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 20 United States operational review Strong start to the year with more supportive weather conditions Like-for-like Revenue & EBITDA £m H1 2026 H1 2025 % change % LFL significa
Slide 22: Falling Springs Quarry
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 21 Falling Springs Quarry Strategically compelling and earnings accretive at a reasonable valuation Premium aggregates asset – 185mt of limestone with long reserve life – 15 m
Slide 23: Summary and outlook
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 22 Summary and outlook
Slide 24: Attractive growth in Ireland and US; recovery opportunity in GB
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 23 Attractive growth in Ireland and US; recovery opportunity in GB Summary 2026 – Positive momentum in Ireland and United States Well placed as we enter second half with volum
Slide 25: Your questions
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 24 Your questions
Slide 26: Appendix
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 25 Appendix
Slide 27: Diversified end-markets
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 26 Diversified end-markets 2025 pro-forma Revenue by division Revenue by customer Revenue by product GB 65% Infrastructure c.50% Aggregates c.30% Ireland 16% Residential c.20%
Slide 28: Aggregates pricing outpaces inflation
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 27 Aggregates pricing outpaces inflation Asset base and local model provide a natural inflation hedge Aggregates markets supply GB – million tonnes Aggregates markets supply U
Slide 29: GB market volumes (MPA)
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 28 GB market volumes (MPA) MPA (40)% Aggregates 190 volumes (million 140 tonnes) +13% 90 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 30: Cement volumes
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 29 Cement volumes GB and Ireland combined Combined cement Cement volumes million tonnes (3)% – In compliance with the Cement Market Data 1.2 Order 2016, volumes 1.1 across GB
Slide 31: US target markets: Aggregates production >2x GB
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 30 US target markets: Aggregates production >2x GB GDP comparable Nebraska Kansas Iowa South Illinois Demand 2023 21m 31m 50m 19m Kentucky 71m Missouri Arkansas Tennessee 100m
Slide 32: Significant Midwest consolidation opportunity
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 31 Significant Midwest consolidation opportunity Highly fragmented markets Materials producer landscape 408mt 339 plants 58m cu yd 20% 36% 73% 1925 2013-2023 2024 Small indepe
Slide 33: Financial framework to underpin growth
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 32 Financial framework to underpin growth Through-cycle investment to build enduring competitive advantage Outcomes Targets Growth Revenue Outperforms our market Profitability
Slide 34: Long-term committed borrowing facilities
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 33 Long-term committed borrowing facilities £400m RCF extended to 2030; $40m additional USPP issued Debt finance positioned to Long-term debt funding with low cost USPPs Facil
Slide 35: Breakdown of cost base
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 34 Breakdown of cost base Flexible cost base supported by forward hedging programme 37% Materials & other direct costs – Includes imported cement, bitumen, 9% Energy, fuels an
Slide 36: Mixed cost backdrop managed through layered hedging approach
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 35 Mixed cost backdrop managed through layered hedging approach Bitumen costs increased due to Middle East conflict but overall input costs significantly less volatile than 20
Slide 37: H1 2026 Consolidated income statement
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 36 For the half year ended 30 June 2026 H1 2026 Consolidated income statement £ million HY 26 HY 25 Revenue 857.9 815.9 Underlying EBITDA 115.5 115.0 Depreciation and mineral
Slide 38: H1 2026 Balance Sheet
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 37 At 30 June 2026 H1 2026 Balance Sheet £ million HY 26 HY 25 Property, plant and equipment 1,033.7 974.9 Right-of-use assets 74.6 46.0 Intangible assets 843.8 800.0 Investme
Slide 39: H1 2026 Free Cash Flow
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 38 For the half year ended 30 June 2026 H1 2026 Free Cash Flow £ million HY 26 HY 25 Underlying EBITDA 115.5 115.0 Working capital and provisions (64.8) (80.5) Net interest pa
Slide 40: Market consensus
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 39 Market consensus Company compiled as at 21 July 2026 2026 2027 Value Range Value Range Revenue £1,762m £1,722m – £1,805m £1,820m £1,762m – £1,883m Underlying EBITDA £280m £
Slide 41: Exchange rates
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 40 Exchange rates Increased exposure to exchange rate volatility, particularly in the US 2026 2025 Change Ready reckoner for translating movements Average rates in FX rates on
Slide 42: Forward looking statement
Breedon Group plc Interim Results 2026 Group highlights Financial review Operational review Summary and outlook Q&A Appendix 41 Forward looking statement The information contained in this undertakings nor any of their respective The Company is under no obligation to presentation document (the “prese