Forterra Plc · LSE:FORT
Forterra — FY2025 Earnings Presentation
34 slides from Forterra's earnings presentation, Mar 11, 2026
Slide 1: Full Year Results Presentation
FULL YEAR RESULTS PRESENTATION FORTERRA PLC 11 MARCH 2026
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Forterra plc (the “Company”) solely for use at a presentation on Statements in the Presentation, including those regarding the future financial condition, results of 11 March 2026 in connection with the Company’s Results Announcement in respect of the fi
Slide 3: Agenda
AGENDA 03 Headlines 04 Financial Review 13 Strategy and Markets Ben Guyatt 25 Outlook Neil Ash Chief Financial Chief Executive Officer Officer FORTERRA PLC 2025 RESULTS PRESENTATION 02
Slide 4: A Strong Performance in Challenging Markets
Headlines A STRONG PERFORMANCE IN CHALLENGING MARKETS RESULTS • Outperformance versus the wider market drove 12.1% revenue growth • Adjusted EBITDA increased 18.5% to £61.6m, margin improving by 90 bps to 16.0% • Net debt (pre-leases) reduced to £55.7m, equating to leverage of c.1.0 times STRATEGY A
Slide 5: Financial Review
FINANCIAL REVIEW FORTERRA PLC 2025 RESULTS PRESENTATION 04 4
Slide 6: Key Financials
Financial Review KEY FINANCIALS REVENUE EBITDA EARNINGS PER SHARE (EPS) £386.0m £61.6m 12.6p 2024: £344.3m Change: 12.1% 2024: £52.0m Change: 18.5% 2024: 7.6p Change: 65.8% NET DEBT PROFIT BEFORE TAX (PBT) DIVIDEND £55.7m £36.0m 6.2p 2024: £84.9m Change: (34.4)% 2024: £22.1m Change: 62.9% 2024: 3.0p
Slide 7: Segmental Results: Bricks and Blocks
Financial Review SEGMENTAL RESULTS: BRICKS AND BLOCKS • Revenue growth driven by improved brick Year ended 31 December* despatches with block demand remaining muted £m 2025 2024 Change • UK domestic brick despatches increased by 6% vs. 2024 Revenue 307.7 276.7 11.2 % • Growth driven by new build hou
Slide 8: Segmental Results: Bespoke Products
Financial Review SEGMENTAL RESULTS: BESPOKE PRODUCTS • Revenue growth driven by strong increase Year ended 31 December* in demand for both beam and block and hollowcore flooring £m 2025 2024 Change • Pricing broadly flat with some moderation Revenue 81.0 71.5 13.3 % in cost base in part driven by ef
Slide 9: Working Capital and Inventory
Financial Review WORKING CAPITAL AND INVENTORY • £7.8m reduction in net working capital despite TRADE PAYABLES ACCRUALS AND OTHER PAYABLES TRADE AND OTHER RECEIVABLES INVENTORIES increased activity levels • Inventories reduced by £2.5m with significant 100 reductions in extruded brick partially offs
Slide 10: Cash Flow
Financial Review CASH FLOW NET DEBT REDUCED IN 2025 0 68.7 (25) (8.0) (1.1) (14.5) £m (50) (55.7) (8.2) (7.7) (75) (84.9) Opening net debt* Adjusted operating cash Interest paid Tax paid Capital expenditure Dividends paid Other Closing net debt* flow Note: *Before leases • Strong performance again h
Slide 11: Balance Sheet Position and Facilities
Financial Review BALANCE SHEET POSITION AND FACILITIES • Net debt before leases reduced to £55.7m At 31 December • Leverage of c.1.0 times on a banking covenant basis £m 2025 2024 Change • £170m committed RCF facility extending to June 2028 Cash and cash equivalents 6.1 15.2 (9.1) • Leverage target:
Slide 12: Capital Expenditure
Financial Review CAPITAL EXPENDITURE CAPEX HISTORY 60.0 40.0 £m 20.0 — 2017 2018 2019 2020 2021 2022 2023 2024 2025 Strategic Maintenance • 2025 saw our lowest capital outlay since 2017 with lower levels of capital spend to continue • Capital allocation priorities anticipate £15m of routine annual c
Slide 13: 2026 Technical Guidance
Financial Review 2026 TECHNICAL GUIDANCE • 2026 YTE gas requirement c.80% fixed with March 2026 Income statement 100% covered Depreciation c.£21m • Good coverage beyond this with c.70% secured in 2027 Net interest expense c.£6.5m reducing through to 2030 Effective tax rate (adjusted profit) c.26% •
Slide 14: Strategy and Markets
STRATEGY AND MARKETS FORTERRA PLC 2025 RESULTS PRESENTATION 13 13
Slide 15: Market Update
Strategy And Markets MARKET UPDATE NEW HOME REGISTRATIONS (NHBC) LARGE HOUSEHOLDER EXTENSIONS 200,000 25,000 +11% 20,000 150,000 +2% No. No. 15,000 100,000 10,000 50,000 5,000 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Source: NHBC Source: Ministry of HCLG • Modest increase in new housing reg
Slide 16: Our Strategy
Strategy And Markets OUR STRATEGY OUR STRATEGY IS BUILT ON TWO KEY PILLARS: THE MARKETS WE SERVE: STRENGTHEN Investing in our plants and driving continuous improvement THE CORE across our operational and commercial processes • Making our operations more efficient through sustainable operational exce
Slide 17: Cross Product Synergies
Strategy And Markets CROSS PRODUCT SYNERGIES CREATING VALUE THROUGH: BRICKS Extruded / Soft mud / London Brick FACADE SYSTEMS • Customer synergies Omnia • Distribution synergies – dedicated own fleet of distribution vehicles • Manufacturing / procurement synergies – purchasing power PRECAST and econ
Slide 18: Bricks
Strategy And Markets 52% REVENUE BRICKS DOMESTIC BRICK DELIVERIES EVOLVING DOMESTIC BRICK CAPACITY Increased 6% (vs. 2024) Significant capacity deficit at 300,000 home government target 2 +6% Bricks (bn) 3.0 1 Bricks (bn) 0 2.5 2.6 2021 2022 2023 2024 2025 BRICK DELIVERIES IMPORTS AS % OF MARKET 2.0
Slide 19: Manufacturing Capacity Positioned for Market Recovery
Strategy And Markets MANUFACTURING CAPACITY POSITIONED FOR MARKET RECOVERY +15% BRICK CAPACITY 2025 DOMESTIC MARKET GROWTH WEIGHTED CAPITAL PROJECTS IN NEXT TURN TOWARDS EXTRUDED BRICKS NEAR COMPLETION OF CYCLE +9% -1% WILNECOTE RECOMMISSIONING GROWTH IN FALL IN SOFT NEAR COMPLETE EXTRUDED MUD BRICK
Slide 20: Brick Slips: Evolving from Product Supplier to Façade Systems Partner
Strategy And Markets BRICK SLIPS: EVOLVING FROM PRODUCT SUPPLIER TO FAÇADE SYSTEMS PARTNER BRICK SLIP AND RAINSCREEN SYSTEMS MARKET SIZE: ADDRESSING THE MARKET £150M / +5% PENETRATION GROWTH P.A. BUILDING THRU-WALL SYSTEM VALUE SPLIT MOVING FROM THE 24%: • Brick slips constitute the outer- most leaf
Slide 21: Brick Slips: Producing Extruded Slips at Our Accrington Factory
Strategy And Markets BRICK SLIPS: PRODUCING EXTRUDED SLIPS AT OUR ACCRINGTON FACTORY The Omnia system is available with a comprehensive range of brick slips: EXTRUDED SLIPS • Purpose made slips manufactured at our new £12m facility in Accrington • Capacity to produce c.50m extruded slips per annum •
Slide 22: Blocks
Strategy And Markets 27% REVENUE BLOCKS AIRCRETE BLOCK (THERMALITE) AGGREGATE BLOCK • National market position in aircrete • South East regional position in aggregate blocks • High exposure to new build single family housing (strongest demand and pricing) • Synergy with brick business – Forterra is
Slide 23: Bison
Strategy And Markets 21% REVENUE BISON BEAM AND BLOCK FLOORING BISON PRECAST • National market • Strong positions with major housebuilders - majority new build focused • Housebuilder offering includes full technical design service • Specified by housebuilder but often purchased and installed by grou
Slide 24: Sustainability
Strategy And Markets SUSTAINABILITY DECARBONISING THROUGH INNOVATION... TODAY/NEAR-TERM 65MM BRICKS CALCINED CLAY Less material = less emissions Utilising calcined clay from waste bricks Focussing on m2 emissions: per m 2 within aggregate block manufacturing • 65mm bricks • Reduced clay usage REDUCE
Slide 25: Capital Allocation
Strategy And Markets CAPITAL ALLOCATION • Our capital allocation priorities are designed to facilitate the delivery of our strategy over the medium-term, maximising stakeholder value, retaining leverage of under 1.5 times adjusted EBITDA 01 • Reduced spend relative to recent years ORGANIC INVESTMENT
Slide 26: Outlook
OUTLOOK FORTERRA PLC 2025 RESULTS PRESENTATION 25
Slide 27: 2026 Adjusted EBITDA Expected to Be Slightly Ahead of 2025
Outlook 2026 ADJUSTED EBITDA EXPECTED TO BE SLIGHTLY AHEAD OF 2025 • Subdued market conditions have continued into early 2026 with exceptionally wet weather making it difficult to assess the market • 2026 demand anticipated to be similar to 2025, weighted towards the second half • Annual pricing neg
Slide 28: Well Positioned for Future Cycles
Investment Case WELL POSITIONED FOR FUTURE CYCLES • Growth illustration assumes: • Return to 2022 levels of profitability (208k EXCELLENCE PROGRAMMES completed new homes vs.174k in 2025) FUTURE BRICK SLIPS • Incremental £32m benefit from Desford and Wilnecote projects (assuming normalised market) GR
Slide 29: Investment Case
Investment Case INVESTMENT CASE • Complementary product range • Market demand driven by • £140m programme of • Inherently sustainable and • Strong cash generation with strong cross product structural, through-cycle investment virtually complete, durable products creates capital allocation synergy ne
Slide 30: Appendices
APPENDICES FORTERRA PLC 2025 RESULTS PRESENTATION 29 29
Slide 31: Profit and Loss
Appendices: PROFIT AND LOSS Year ended 31 December* £m 2025 2024 Change Revenue 386.0 344.3 12.1 % EBITDA – Bricks and Blocks 56.9 49.0 16.1 % – Bespoke Products 4.7 3.0 56.7 % Total 61.6 52.0 18.5 % EBITDA margin 16.0 % 15.1 % 90 bps Depreciation and amortisation (19.6) (20.8) (5.8)% Operating prof
Slide 32: Adjustments to Statutory Results
Appendices: ADJUSTMENTS TO STATUTORY RESULTS • Restructuring costs relate to the exit of Year ended 31 December the Bison Bespoke Precast and Formpave £m 2025 2024 businesses. The cash outflow is expected to be £2.7m with the remainder comprising Statutory EBITDA 48.9 54.7 non-cash impairment charge
Slide 33: Balance Sheet
Appendices: BALANCE SHEET Year ended 31 December £m 2025 2024 Change Intangible assets 11.5 11.6 (0.1) Property, plant and equipment 262.8 263.8 (1.0) Right-of-use assets 18.8 20.5 (1.7) Derivative asset – 2.8 (2.8) Total non-current assets 293.1 298.7 (5.6) Inventories 78.6 82.0 (3.4) Trade and oth
Slide 34: Forterra plc contact details
Forterra plc 5 Grange Park Court, Roman Way, Northampton NN4 5EA Tel: 01604 707600