Ibstock Plc · LSE:IBST
Ibstock — H1 2026 Earnings Presentation
38 slides from Ibstock's earnings presentation, Aug 5, 2026
Slide 1: 2026 half year results presentation
2026 half year results presentation 5th August 2026 Project: The Ribbon, London. Product: Heritage Red Blend & Parham Red
Slide 2: Welcome & agenda
IBSTOCK - 2026 HALF 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 – 2026 HALF YEAR RESULTS PRESENTATION 3 Overview Focused execution in a challenging market > Resilient clay market performance, with domestic market share gains in H1 > Active management of capacity, production volumes, inventory and costs > Continued progress across our five strategic lever
Slide 4: Financial performance
Financial performance Project: Devonshire Homes - Mariner’s Haven Product: Shearstone Walling Stone
Slide 5: Financial summary
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 5 Financial summary Adj. EBITDA Margin1 Revenue Adj. EBITDA1 Adj. EPS1 £164.2m £25.7m 15.7% 0.7p 2025: £193.4m 2025: £35.5m 2025: 18.4% 2025: 3.0p Net debt: EBITDA2 ROCE Dividend per share 2.5x 3.5% 0.5p 2025: 1.9x 2025: 7.0% 2025: 1.5p
Slide 6: Revenue bridge
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 6 Revenue bridge Subdued start to the year, with market uncertainty continuing to weigh Group Reported revenue : £29.2m decline (15%) > Group revenues decreased by 10% (LFL) driven by a challenging market backdrop Like-for-like: £18.3m decline (10%) 193.
Slide 7: Clay
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 7 Clay Gaining market share against a challenging backdrop 6 months ended 30th June (£m) 2026 2025 Total Revenue 119.9 133.5 Adjusted EBITDA 23.4 32.8 Margin 19.5% 24.6% Revenue decreased by £13.6m, down 10% year-on-year > Core Clay revenue of £118.1m de
Slide 8: Concrete
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 8 Concrete Challenging RMI market persists; rail infrastructure as expected 6 months ended 30th June (£m) 2026 2025 Total Revenue 44.3 59.9 Adjusted EBITDA 3.7 6.0 Margin 8.3% 9.9% Revenue decreased by £15.6m, down 26% year-on-year (11% on a LFL basis) >
Slide 9: Cash flow performance
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 9 Cash flow performance Decline in adjusted free cash flow driven by EBITDA reduction 6 months ended 30th June (£m) 2026 2025 > Working capital outflow increased to £17.3m (H1 2025: £12.4m outflow), reflecting seasonal working capital movements and lower
Slide 10: Balance sheet
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 10 Balance sheet Our balance sheet remains resilient, with net debt at £151m Closing net debt of £151.3m as at 30th June 2026 0.0 (20.0) (40.0) (Net debt) / cash (60.0) (80.0) 25.7 (100.0) (120.0) (17.3) (120.0) (9.6) (4.7) (1.3) (140.0) (15.2) 0.1 (5.9)
Slide 11: Market drivers & strategic progress
Market drivers & strategic progress Project: Barton Village Product: New Ivanhoe Cream Bricks
Slide 12: Delivering across our five strategic levers
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 12 Delivering across our five strategic levers Driving shareholder value creation over the medium term Market New emerging Product Strategic leadership Efficiencies options segments innovation Integrated sustainability strategy
Slide 13: Core markets update
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 13 Core markets update UK construction forecasts (CPA Winter 2026 – Jan-26) Near–term remains challenging, long-term 10.0% 8.0% 8.0% fundamentals unchanged 8.0% 6.0% 4.4% 3.9% 4.0% 3.0% 3.0% > Market sentiment has significantly moderated since the start
Slide 14: Brick market update
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 14 Brick market update Market remains subdued, offset Domestic brick deliveries - May YTD by share gains 1,200 13% 20% 1,000 4% 10% 800 (7%) (8%) 0% m bricks > Domestic brick deliveries for the first five months of the year were down YoY% 600 (10%) 8% Yo
Slide 15: Maintaining cost discipline through the cycle
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 15 Maintaining cost discipline through the cycle Leveraging operational flexibility to navigate the market backdrop FY 2022 FY 2024 35% FY 2025 15% FY 2026E 15% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Production volumes Active capacity available Inac
Slide 16: Market leadership
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 16 Market leadership Strengthening customer relationships and expanding share of wallet > Unified offering of high performing clay, concrete and façade products & solutions > Deep, long-standing customer relationships honed over centuries > Nationwide fo
Slide 17: New growth market sectors
New growth market sectors IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 17 An increasingly significant source of long-term value New growth market sectors An increasingly significant source of long-term value 13% 9% 51% 11% Energy Transport 16% Health & social care Water Education & justice Social &
Slide 18: A strong early example in Education
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 18 A strong early example in Education
Slide 19: Product innovation
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 19 Product innovation Increasingly supporting differentiation and long-term value creation > Innovation across clay, concrete and adjacent markets – Atlas: 12 new product lines now in production, including the first from our carbon-neutral range – Gen3 C
Slide 20: Nostell
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 20 Nostell A new platform for growth in façade products & solutions > Operational acceptance testing progressing well > Strong customer response to IBricks® and FastWall® > Growing specification pipeline, supporting confidence in long-term growth Investo
Slide 21: Efficiencies
Efficiencies IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 21 From investment to performance - unlocking value across the business Efficiencies From investment to performance - unlocking value across the business Modernising Process & Reliability digital our asset programme investment base
Slide 22: Further strategic optionality
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 22 Further strategic optionality Unlocking additional value from our unrivalled land and clay reserves c.70m >2,700 18 Tonnes of clay reserves Acres of land with substantial mineral resource and production assets Active quarries c.143m Clay resources Div
Slide 23: Complementary routes to unlocking long-term value
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION Complementary routes to unlocking long-term value Further work has strengthened our view of the opportunity 23 Complementary routes to unlocking long-term value Further work has strengthened our view of the opportunity R&D - Land sales Calcined Land base
Slide 24: Summary & outlook
Summary & outlook Nostell Factory
Slide 25: Summary & Outlook
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 25 Summary & Outlook > Expected to achieve stronger adjusted EBITDA in H2 than H1; with full- year outturn anticipated around the lower end of current market expectations - reflecting continued near-term market challenges > Net debt and leverage expected
Slide 26: Questions
Questions Project: HS2 Colne Valley Product: Bespoke Precast Anderton Concrete
Slide 27: Appendix
Appendix Colleagues at Chesterton Factory
Slide 28: Capital allocation
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 28 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 29: Ibstock Plc at a glance
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 29 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 30: Sustainability
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 30 Sustainability Progress in 2025 against our ESG 2030 ambitions
Slide 31: Brick market dynamics
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 31 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.
Slide 32: Technical guidance
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 32 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 33: Income statement
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 33 Income statement 6 months ended 30th June (£m) 2026 2025 Revenue £164.2m £193.4m 1 Adjusted EBITDA £25.7m £35.5m Normal depreciation (£17.1m) (£14.8m) Adjusted profit before interest and tax1 £8.6m £20.7m Cash interest (£4.7m) (£4.6m) 1 Adjusted profi
Slide 34: Adjusted income statement reconciliation
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 34 Adjusted income statement reconciliation Depreciation and Exceptional Non-cash Capitalised 6 months ended 30th June 2026 (£m) Adjusted Statutory amortisation items Interest interest Revenue £164.2m - - - - £164.2m Costs (£138.5m) (£22.2m) (£25.6m) - -
Slide 35: Balance sheet
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 35 Balance sheet 6 months ended 30th June 2026 2026 2025 PP&E £427.9m £470.6m Right of Use assets £27.3m £26.1m Intangible fixed assets & Goodwill £62.0m £70.4m Non-current assets £517.2m £567.1m Inventories £142.3m £128.8m Trade and other receivables £5
Slide 36: Cash flow
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 36 Cash flow 6 months ended 30th June (£m) 2026 2025 Cash generated from operations £2.1m £17.2m Interest paid (£3.7m) (£3.7m) Other interest paid - lease liabilities (£1.0m) (£1.0m) Tax paid (£1.3m) (£2.3m) Net cash flow from operating activities (£4.0m
Slide 37: Disclaimer
IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 37 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 38: Ibstock
Ibstock At the heart of building