Michelmersh Brick Holdings Plc · LSE:MBH
Michelmersh Brick — H1 2025 Earnings Presentation
36 slides from Michelmersh Brick's earnings presentation, September 2025
Slide 1: 2025 Interim Results
Michelmersh Interim Results 2025 2025 Interim Results The Denton, Hertfordshire
Slide 2: Disclaimer
Michelmersh Interim Results 2025 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, sell or invest in any
Slide 3: Presentation Team
Michelmersh Interim Results 2025 Presentation Team Britain’s Brick Specialist Ryan Mahoney Chief Executive Officer Michelmersh strives to be a well-invested, long term, and introducing sustainable and environmentally responsible business dedicated to delivering quality products to its long-term Rach
Slide 4: Michelmersh Brick Holdings plc
Michelmersh Interim Results 2025 Michelmersh Brick Holdings plc Premium brick and building products manufacturer operating throughout the UK and Benelux regions Lifetime revenue Annual Capacity cycle 120m+ • Bricks Manufacturer of diverse premium brick products • Prefabricated brick components • Lan
Slide 5: Commercial strategy drives resilience
Michelmersh Interim Results 2025 Commercial strategy drives resilience Strong Core Markets Strong Industry Relationships Extensive Premium Product • Broad product portfolio deliberately • Collaborative distribution model Portfolio targeting a diverse range of end underpinned by length and depth of •
Slide 6: A Clear Strategy to Target Sustainable Long Term Growth
Michelmersh Interim Results 2025 Michelmersh - A Clear Strategy to Target Sustainable Long Term Growth Guided by a defined growth strategy, the Group leverages its premium market presence, resilient earnings, and diverse customer base to generate stable free cash flow and earnings 7 8 5 6 3 4 1 2 Qu
Slide 7: Capital Allocation Framework
Michelmersh Interim Results 2025 Capital Allocation Framework A balanced capital allocation strategy for sustainable growth and returning value to shareholders Capital investments to deliver strategy Focused annual capex programme • Maintaining well invested and efficient manufacturing sites • Proac
Slide 8: 2025 Interim Highlights
Michelmersh Interim Results 2025 2025 Interim Highlights Resilient performance; well positioned for market recovery ▪ Resilient first half of 2025, with revenue up 1.1% reflecting increased UK despatch volumes offset by very challenging markets in Europe ▪ Continued outperformance of UK market despa
Slide 9: Interim 2025 Operational Highlights
Michelmersh Interim Results 2025 Interim 2025 Operational Highlights ▪ Order intake ahead of normalised manufacturing volumes in H1, underpinning a balanced order book profile for the start of H2 ▪ Mid-single digit increase in UK despatch volumes over the last 6 months and in line with management ex
Slide 10: 2025 Interim Sustainability Highlights
Michelmersh Interim Results 2025 2025 Interim Sustainability Highlights Our goal is always to reduce, then seek alternatives and finally offset any remaining carbon emissions ▪ Sustainability remains a focus for incremental positive and proactive change for our business ▪ We continue to track progre
Slide 11: Financial Review
Michelmersh Interim Results 2025 Financial Review The Denton, Hertfordshire 10
Slide 12: 2025 Interim Financial Highlights
Michelmersh Interim Results 2025 2025 Interim Financial Highlights HY24 Comparative Revenue Gross Margin Adjusted Operating Profit £35.8m 33.6% £4.0m £35.4m 36.2% £5.3m Adjusted Cashflow from EBITDA Profit Before Tax operations £5.9m £2.9m £3.2m £7.2m £4.1m £0.9m Basic EPS Adjusted EPS NAV per share
Slide 13: Track record of resilience against macro headwinds
Michelmersh Track record of resilience against macro headwinds Interim Results 2025 given ~25% decline in brick despatches from 2022 Michelmersh’s premium product offering and operational excellence has delivered resilient financial performance Adjusted EBITDA (£m) Adj. EBITDA 23.6% 24.7% 24.4% 23.0
Slide 14: Interim Income Statement
Michelmersh Interim Results 2025 Interim Income Statement Resilient performance in first half of 2025 Adjusted Adjusted Change HY25 HY24 £M £M Revenue 35.8 35.4 1.1% Gross profit 12.0 12.8 (6.3%) Gross margin 33.6% 36.2% (2.6%) Central costs1 (8.0) (7.5) (6.3%) Adjusted operating profit1 4.0 5.3 (24
Slide 15: Balance Sheet
Michelmersh Interim Results 2025 Balance Sheet Strong balance sheet position underpins financial resilience and capital allocation flexibility HY25 HY24 £M £M Intangible fixed assets 21.9 23.3 Tangible fixed assets * 72.6 64.8 Net working capital 16.7 16.0 Net cash 1.5 4.1 Lease liability (2.7) (1.9
Slide 16: Cash Flow
Michelmersh Interim Results 2025 Cash Flow Fundamental underlying cash generating ability in the business HY25 HY24 £M £M Net cash generated by operations 3.2 0.9 Tax paid (0.9) (1.6) Interest received/(paid) (0.1) - Purchase of property, plant and equipment (3.8) (2.5) Aborted corporate transaction
Slide 17: Strong Operational Net Cash Profile
Michelmersh Interim Results 2025 Strong Operational Net Cash Profile Strong Group cash position of £6.0m and committed undrawn RCF of £20m underpin financial resilience and capital allocation framework 2022 2017 Carlton 2019 Floren FabSpeed Acquisition Acquisition Acquisition 10 2.0 5 EBITDA:Debt Ra
Slide 18: Sector Review
Michelmersh Interim Results 2025 Sector Review 11 Belgrave Road, London 17
Slide 19: Supportive UK Housing Dynamics
Michelmersh Interim Results 2025 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 20: UK Brick Manufacturing – Current Trends
Michelmersh Interim Results 2025 UK Brick Manufacturing – Current Trends 30% contraction in construction sector activity since 2022 Production, Deliveries and Stock Movement June 25 vs June 24 (BIS) 1,800 260 • June 2025 UK brick industry stocks moved back to c. 500m 1,600 reflecting the increase in
Slide 21: 2024 Market Structure
Michelmersh Interim Results 2025 2024 Market Structure (updated annually) UK brick manufacturing highly concentrated UK manufactured brick – 2024 Market Share OTHERS 3% MICHELMERSH 7% FORTERRA 28% WIENERBERGER 2024 UK brick consumption 21% c. 1.7 Billion (down from 2.5 Billion FY22) (c. 1.4 Billion
Slide 22: Outlook
Michelmersh Interim Results 2025 Outlook Industry • Critical shortage of UK residential and social housing and very supportive new Government • Brick continues to be the façade material of choice • Construction activity remains 25% below 2022 highs due to consumer sentiment and caution • Capital int
Slide 23: Appendix
Michelmersh Interim Results 2025 Appendix The Old Boathouse, Maidenhead 22
Slide 24: Diversified clay offering with bricks, paving and pre-fabricated products
Michelmersh Interim Results 2025 Diversified clay offering with bricks, paving and pre-fabricated products 110+ different types of bricks with a diverse portfolio of other products offered Brick Products Pre-Fabricated Products Traditional brick-making method Prefab Chimneys Prefab Arches operated
Slide 25: Sustainability
Michelmersh Interim Results 2025 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 26: Michelmersh Interim Results 2025
Michelmersh Interim Results 2022 Michelmersh Interim Results 2025 25
Slide 27: Interim Results 2025
Michelmersh Blockleys, Interim Results 2025 Shropshire 26
Slide 28: Housing Sector
Michelmersh Interim Results 2025 Housing Sector Cocoa Works, York 27
Slide 29: Public
Michelmersh Interim Results 2025 Public Masterchef Studios, Birmingham 28
Slide 30: Public
Michelmersh Interim Results 2025 Public A Week at the Knees, London 29
Slide 31: Prefabrication
Michelmersh Interim Results 2025 Prefabrication Birmingham University Station, Birmingham FabSpeed ProClad 3 30
Slide 32: Modern Living
Michelmersh Interim Results 2025 Modern Living Copper Bottom, Oxfordshire 31
Slide 33: Urban Regeneration
Michelmersh Interim Results 2025 Urban Regeneration Tileyard North, Yorkshire 32
Slide 34: Large Volume Housing Developments
Michelmersh Interim Results 2025 Large Volume Housing Developments Grange Park, Blackpool 33
Slide 35: Large Volume Housing Developments
Michelmersh Interim Results 2025 Large Volume Housing Developments Berrichon House, London 34
Slide 36: Michelmersh Interim Results 2025
Michelmersh Interim Results 2025 Woodward Road, Freshfield Lane Danehill Essex Haywards Heath Sussex RH17 7HH Tel: 0844 931 0022 www.mbhplc.co.uk 35
Michelmersh Brick Holdings — H1 2025 Earnings Presentation on 6ix