Ibstock Plc · LSE:IBST
Ibstock — FY2025 Earnings Presentation
39 slides from Ibstock's earnings presentation, Mar 5, 2026
Slide 1: Full year results presentation
Full year results presentation March 2026
Slide 2: Welcome & agenda
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 2 Welcome & agenda OVERVIEW Joe Hudson FINANCIAL REVIEW Simon Bedford MARKET DRIVERS & STRATEGIC PROGRESS Joe Hudson SUMMARY & OUTLOOK Joe Hudson Q&A
Slide 3: Overview
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 3 Overview Strategic progress in a challenging market > Resilient performance despite market dynamics deteriorating as the year progressed > Performance in line with revised expectations > Continued to advance key strategic investments and opportunities
Slide 4: The year in context
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 4 The year in context 3.0 Annual UK brick deliveries 2.4 2.5 2.0 1.8 1.7 1.7 1.2 m bricks 1.5 0.8 0.9 0.9 > Market growth seen between Q3 2024 and H1 1.0 2025 led us to reactivate capacity 0.5 1.2 0.9 0.9 0.8 0.0 2017-22* 2023 2024 2025 > The market chan
Slide 5: Financial performance
Financial performance Colleagues at our Chesterton Factory
Slide 6: Financial summary
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 6 Financial summary Revenue Adj. EBITDA* Adj. EBITDA Margin Adj. EPS* £372.1m £71.0m 19.1% 5.7p 2024: £366.2m 2024: £79.4m 2024: 21.7% 2024: 7.7p Net debt: EBITDA ROCE Dividend per share 2.0x 5.8% 3.0p 2024: 1.8x 2024: 7.5% 2024: 4.0p
Slide 7: Revenue bridge
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 7 Revenue bridge Solid H1 tempered by tougher conditions in H2 FY 2024 248.8 117.4 366.2 > Group revenues increased by 2% driven by strong new-build growth in H1. H2 flat YoY > Clay revenues 5% higher reflecting stronger volumes in H1; Clay 366.2 11.2 •
Slide 8: Clay
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 8 Clay Market share gains; mix shift towards new build residential 12 months ended 31st December (£m) 2025 2024 Total Revenue 260.0 248.8 Adjusted EBITDA 68.1 72.3 Margin 26.2% 29.1% Revenue increased by £11.2m, up 5% year-on-year > Our market leadership
Slide 9: Concrete
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 9 Concrete Resilient new-build demand; infrastructure and softer RMI impacting mix 12 months ended 31st December (£m) 2025 2024 Total Revenue 112.1 117.4 Adjusted EBITDA 9.3 14.6 Margin 8.3% 12.5% Revenue decreased by £5.3m, down 5% year-on-year > Resili
Slide 10: Cash flow performance
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 10 Cash flow performance Decline in cash conversion driven by EBITDA reduction and inventory build > £14.1m working capital outflow in 2025 driven by a build up in 12 months ended 31st December (£m) 2025 2024 inventory (2024: £4.5m outflow) Adjusted EBIT
Slide 11: Balance sheet
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 11 Balance sheet Our balance sheet remains resilient, with net debt at £120m Closing net debt of £120.0m as at 31st December 2025 0.0 (20.0) (40.0) 71.0 Net debt/(cash) (60.0) (14.1) (80.0) (21.9) 31.2 (100.0) (5.1) 1.0 (120.0) (121.6) (15.8) (120.0) (14
Slide 12: Capital allocation
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 12 Capital allocation Maintain a balance sheet of 0.5x to 1.5x through the cycle, including the benefit of significant land disposal programme Organic Investment Driving growth and margin Ordinary Dividends targeted cover of circa 2 times underlying earn
Slide 13: Market drivers & strategic progress
Market drivers & strategic progress Project: Excel London Product: Brick Faced GRC & New Chailey Stock
Slide 14: Shareholder value creation over the medium term
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 14 Shareholder value creation over the medium term through five strategic levers Market New emerging Product Strategic leadership Efficiencies segments innovation options Market dependent Market independent value creation opportunities
Slide 15: 1) Market leadership
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 15 1) Market leadership > Unified offering of clay, concrete and façade products & solutions > Deep, long-standing customer relationships honed over centuries > Nationwide footprint > Industry-leading design and technical expertise End market sales* c.10
Slide 16: 1) Core markets update
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 16 1) Core markets update Long-term market fundamentals intact; near-term activity subdued UK construction forecasts 10.0% 9.0% 9.0% > Long-term market fundamentals remain underpinned by: 8.0% 7.0% 6.0% 6.0% • Housing shortages 4.0% 3.9% 4.4% 4.0% 3.0% •
Slide 17: 1) Strongly positioned for volume recovery
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 17 1) Strongly positioned for volume recovery Significant upside potential as the market cycle turns FY 2022 FY 2024 35% FY 2025 15% FY 2026 15% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Production volumes Active capacity available Inactive capacity >
Slide 18: 2) New growth market sectors
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 18 2) New growth market sectors An increasingly significant source of long-term value > The Challenge: Growing demand for public-sector buildings, social housing and remediation projects due to Building Safety > Our Solution: Leveraging our deep knowledg
Slide 19: 3) Product innovation
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 19 3) Product innovation Driving new growth platforms beyond traditional products Revenue from new and sustainable products (%) 25% 25% 22% 20% 15% 12% 13% 13% 11% 11% 10% 6% 5% 0% 2018 2019 2020 2021 2022 2023 2024 2025 > The Challenge: Traditional mate
Slide 20: 4) Efficiencies
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 20 4) Efficiencies Traditional building products delivering higher returns > The Challenge: Need for resilient supply of safe, reliable and cost-effective building materials > Our Solution: • >£325m investment over the last 8 years to modernise manufactu
Slide 21: 5) Strategic options
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 21 5) Strategic options Unrivalled land and clay reserves unlocking strategic opportunities > The Challenge: • Market: The need for lower-carbon materials across the sector • Ibstock: Asset base strategically underutilised impacting ROCE > Our Solution:
Slide 22: 2026 priorities
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 22 2026 priorities Market New emerging Product Strategic leadership Efficiencies segments innovation options Market dependent Market independent > Accelerate obsessive > Market penetration > Nostell fully online > Aldridge reliability pilot > Finalise Ca
Slide 23: Summary & outlook
Summary & outlook Project: HS2 Colne Valley Product: Bespoke Precast Anderton Concrete
Slide 24: Strong earnings growth in the years ahead
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 24 Strong earnings growth in the years ahead Earnings momentum driven by both market exposure and market independent initiatives Core business recovery and committed > With investment programme now complete, and market fundamentals intact, growth investm
Slide 25: Outlook
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 25 Outlook > Challenging market conditions expected to continue in near term, with modest improvement in H2, dependent on demand activity gaining momentum in the Spring > Organic growth projects largely complete; strengthened financial position creates o
Slide 26: Questions
Questions Colleagues at our Chesterton Factory
Slide 27: Appendix
Appendix ROBER =WISH AW Heritage Bricks
Slide 28: Ibstock Plc at a glance
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 28 Ibstock Plc at a glance A leading UK manufacturer of building products and solutions, backed up by design and technical services Key facts 200 Over 200 years of experience 32 Operating UK manufacturing facilities 1,944 99% Raw materials sourced in UK
Slide 29: Sustainability
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 29 Sustainability Progress in 2025 against our ESG 2030 ambitions
Slide 30: Brick market dynamics
IBSTOCK FULL YEAR RESULTS PRESENTATION 30 Brick market dynamics Balancing supply and demand Brick Deliveries (billions of bricks) Brick Production and Stock (billions of bricks) Domestic Deliveries Imports Production Stock 2.1 0.5 2.0 2.0 0.3 0.4 0.5 0.6 1.9 1.9 1.9 1.8 1.8 0.3 0.2 1.6 0.3 1.6 1.6 1
Slide 31: Technical guidance
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 31 Technical guidance FY 2026 Income statement > Production and inventory management will create a 2026 margin headwind but benefit overall cash generation > c.80% of Group’s energy requirement secured for 2026 > Underlying depreciation expected to total
Slide 32: Major organic growth projects
IBSTOCK FULL YEAR RESULTS PRESENTATION 32 Major organic growth projects Group’s investment programme underpinning medium term ambition now well advanced Cumulative Incremental spend to 31 Spend to EBITDA at full £m Dec 2025 complete Total cost utilisation > Investment to increase capacity and provid
Slide 33: Adjusted income statement reconciliation
IBSTOCK FULL YEAR RESULTS PRESENTATION 33 Adjusted income statement reconciliation Depreciation and Exceptional Non-cash Deferred tax Capitalised 12 months ended 31st December 2025 (£m) Adjusted Statutory amortisation items Interest rate change interest Revenue £372.1m - - - - - £372.1m Costs (£301.
Slide 34: Exceptional income statement and cash
IBSTOCK FULL YEAR RESULTS PRESENTATION 34 Exceptional income statement and cash Enterprise Enterprise Roofing business GRC Total restructuring 2023 restructuring 2025 and land disposal 1 January 2025 brought forward provision (£1.2m) (£0.7m) £0.0m £0.0m (£1.9m) Cash paid for the broght forward provi
Slide 35: Income statement
IBSTOCK FULL YEAR RESULTS PRESENTATION 35 Income statement 12 months ended 31st December (£m) 2025 2024 Revenue £372.1m £366.2m Adjusted EBITDA £71.0m £79.4m Normal depreciation (£31.3m) (£29.8m) Adjusted profit before interest and tax £39.7m £49.6m Cash interest (£9.5m) (£8.6m) Adjusted profit befo
Slide 36: Balance sheet
IBSTOCK FULL YEAR RESULTS PRESENTATION 36 Balance sheet 12 months ended 31st December (£m) 2025 2024 Property, plant and equipment £455.1m £462.5m Right of Use assets £23.3m £28.4m Intangible fixed assets & Goodwill £66.4m £74.0m Non-current assets £544.9m £564.8m Inventories £137.4m £124.8m Trade a
Slide 37: Cash Flow
IBSTOCK FULL YEAR RESULTS PRESENTATION 37 Cash Flow 12 months ended 31st December (£m) 2025 2024 Cash generated from operations £48.0m £62.9m Interest paid (£7.8m) (£6.3m) Other interest paid - lease liabilities (£2.0m) (£2.5m) Tax paid £1.4m (£0.5m) Net cash flow from operating activities £39.6m £5
Slide 38: Disclaimer
IBSTOCK - 2025 FULL YEAR RESULTS PRESENTATION 38 DISCLAIMER The information contained in this presentation has not been independently verified and this presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and ope
Slide 39: Ibstock
Ibstock At the heart of building