Michelmersh Brick Holdings Plc · LSE:MBH
Michelmersh Brick — H1 2026 Earnings Presentation
27 slides from Michelmersh Brick's earnings presentation, September 2026
Slide 1: 2026 Half Year Results
2026 Half Year Results Britain’s Brick Specialist Michelmersh Brick Holdings PLC Company registration number: 03462378
Slide 2: Disclaimer
Michelmersh Interim Results 2026 The Denton, Hertfordshire Disclaimer The information contained in this presentation document (the “presentation”, which term includes any information provided verbally in connection with this presentation document) does not constitute an offer or solicitation to hold
Slide 3: Presentation Team
Michelmersh Interim Results 2026 Presentation Team Ryan Mahoney Britain’s Brick Specialist Chief Executive Officer Michelmersh strives to be a well-invested, long term, sustainable and environmentally responsible business dedicated to delivering quality products to its long-term customer base. The G
Slide 4: About Michelmersh
About Michelmersh PUBLIC West Wickham Library, London
Slide 5: Overview
Michelmersh Interim Results 2026 Overview Premium brick and building products manufacturer operating throughout the UK and Benelux regions. FABSPEED, SKELMANTHORPE Prefabrication BLOCKLEYS, TELFORD Wirecut Bricks & Clay Who we are Pavers Output: 23m bricks CARLTON & FABSPEED, BARNSLEY Wirecut Bricks
Slide 6: Key elements of our strategy
Michelmersh Interim Results 2026 Key elements of our strategy The Group leverages its premium market presence, resilient earnings, and diverse customer base to generate progressive earnings. Leading manufacturer of premium bricks, pavers and special- PREMIUM PRODUCT shaped bricks. Invests in innovat
Slide 7: Capital allocation framework
Michelmersh Interim Results 2026 Capital allocation framework A balanced capital allocation strategy for earnings progression and returning value to shareholders. Components: Target: Maintain a strong balance sheet Priority to maintain a strong balance sheet to support business plans and cash return
Slide 8: HY26 Overview
HY26 Overview PUBLIC Worthing Integrated Care Centre, West Sussex
Slide 9: HY26 Key messages
Michelmersh Interim Results 2026 HY26 Key messages Resilient performance given ongoing market conditions, continued balance sheet strength; trading within full year market expectations1. Resilient financial Proactive operational Disciplined capital performance in optimisation allocation and challeng
Slide 10: HY26 Financial Highlights
Michelmersh Interim Results 2026 HY26 Financial Highlights HY25 comparative Revenue Gross Margin Adjusted Operating Profit £32.4m 37.0% £3.9m £35.8m 33.6% £4.0m Adjusted EBITDA Profit Before Tax Cashflow From Operations £6.0m £2.8m £1.6m £5.9m £2.9m £3.2m Basic EPS Adjusted Basic EPS NAV per share 2
Slide 11: Income statement
Michelmersh Interim Results 2026 Income statement Resilient, adaptable and flexible performance in first half of 2026 Adjusted Adjusted HY26 HY25 Change £M £M Revenue 32.4 35.8 (9.5%) Gross Profit 12.0 12.0 - Gross Margin 37.0% 33.6% (3.4%) Adjusted central costs (8.1) (8.0) (1.3%) Adjusted operatin
Slide 12: Balance Sheet
Michelmersh Interim Results 2026 Balance Sheet Strong balance sheet position underpins financial resilience and capital allocation flexibility HY26 HY25 £M £M Intangible Fixed Assets 20.5 21.9 Tangible Fixed Assets* 71.2 72.6 Net Working Capital 21.6 16.7 Net (Debt)/Cash (5.0) 1.5 Lease Liability (2
Slide 13: Cash Flow
Michelmersh Interim Results 2026 Cash Flow Delivering sustainable operational cash, underpinning our liquidity position HY26 HY25 £M £M Net Cash Generated from Operations 1.6 3.2 Tax Paid (0.6) (0.9) Interest Paid (0.3) (0.1) Purchase Of Property, Plant & Equipment (1.5) (3.8) Exceptional Costs (0.1
Slide 14: Market Outlook
Market Outlook RESIDENTIAL Private House, West Sussex
Slide 15: UK Brick Manufacturing – Current Trends
Michelmersh Interim Results 2026 UK Brick Manufacturing – Current Trends +25% contraction in construction sector activity since 2022 Fundamental market drivers remain Production, Deliveries and Stock Movement encouraging June 26 vs June 25 (BIS) 1,800 85 1,600 • June 2026 UK brick industry stocks in
Slide 16: 2026 Market Structure
Michelmersh Interim Results 2026 Master Chef Studios. Birmingham 2026 Market Structure +25% contraction in UK brick consumption since 2022, but with Michelmersh growing market share in challenging markets UK Manufactured brick – 2026 Estimated Market Share OTHERS 2% UK brick manufacturing highly con
Slide 17: Supportive UK Housing Dynamics
Michelmersh Interim Results 2026 Supportive UK Housing Dynamics The Group benefits from an attractive market with supportive structural demand dynamics, UK government policy focused on increasing housebuilding above historic norms and bricks being the RMI market’s material of choice • Critical short
Slide 18: Summary & Outlook
Summary & Outlook RESIDENTIAL Private Home, Kent
Slide 19: Summary & Outlook
Michelmersh Interim Results 2026 Summary & Outlook Summary: • Resilient performance despite continued weak end markets • Flexible operations and disciplined cost control supporting margins • Strong order intake and diversified end-market exposure underpin market outperformance • Improving momentum i
Slide 20: Why invest?
Michelmersh Interim Results 2026 Why invest? Commercial strategy drives resilience with significant strength in the premium end of the brick market in UK & Belgium Strong Core Markets Strong Industry Relationships Premium Product Portfolio Broad product portfolio deliberately Collaborative distribut
Slide 21: Appendix
Appendix PUBLIC Haymarket Yards, Edinburgh
Slide 22: Broad and varied range: Our markets
Michelmersh Interim Results 2026 Broad and varied range Our markets NEW BUILD HOUSING REPAIR, MAINTENANCE & IMPROVEMENTS COMMERCIAL & INFRASTRUCTURE 22
Slide 23: A Diversified Clay Offering
Michelmersh Interim Results 2026 A Diversified Clay Offering Pre-Fabricated Products With bricks, paving and pre-fabricated products Prefab Chimneys Prefab Arches 110+ different types of bricks with a diverse portfolio of other products offered Traditional brick-making method operated from Freshfi
Slide 24: Sustainability
Michelmersh Interim Results 2026 Sustainability Shaping Genuine Sustainability The Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate change, environmental degrada
Slide 25: Governance Framework
Michelmersh Interim Results 2026 Governance Framework THE SHAREHOLDERS THE BOARD EXECUTIVE INDEPENDENT NON-EXECUTIVE DIRECTORS DIRECTOR RYAN TONY MORRIS PAULA DARREN MAHONEY CHAIR HAY-PLUMB WATERS CEO SENIOR INDEPENDENT DIRECTOR NON-EXECUTIVE DIRECTOR COMMITTEES RENUMERATION AUDIT NOMINATION COMMITT
Slide 26: Why Use Brick?
Michelmersh Interim Results 2026 Why Use Brick? Clay bricks are highly regarded in the construction industry for their durability, strength, fire resistance, thermal performance, and acoustic insulation. They offer design flexibility, with a range of colours and textures, and contribute to sustainab
Slide 27: Image & Project Credits
Michelmersh Interim Results 2026 IMAGE & PROJECT CREDITS Skinner Street: Leach Rhodes Walker Architects, Photos by Mark Higgins Hartdene Barns: Nissen Richards Studio, Photos by Mark Higgins West Wickham Library: Brimelow McSweeney Architects, Photos by Kate Darkins Worthing Integrated Care Centre:
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