Breedon Group Plc · LSE:BREE
Breedon — H1 2025 Earnings Presentation
40 slides from Breedon's earnings presentation, September 2025
Slide 1: Breedon Group plc Interim Results 2025
BBR Breedon Group ple interim Results 2025 F BREEDON MAKING A MATERIAL pa DIFFERENCE
Slide 2: Agenda
J Breedon Group ple Interim Results 2025 Group highlights Financial review . 5 JO Gabry nianiohiss | Fi [Operational review | Summary and outlook | @&4 | Append | Rob Wood, Chief Executive Officer James Brotherton, Chief Financial Officer oe Operational review Rob Wood Summary and outlook Rob Wood 1
Slide 3: Group highlights
Slide 4: Interim results highlights
of Mb | OpePationakrevidWe]=SUmmatanctodtioaky | G&A-| Appenadt. | Lionmark acquisition drives revenue growth; diversifies end-market exposure for our US business Resilient financial performance; Covenant Leverage 2.2x at peak of working capital cycle Interim dividend increased; reflects confidence
Slide 5: Breedon 3.0: three leading platforms
Breedon Group ple interins Results 2025 Gious highlights | Financial ce Operational review. | Summary and outlook | @8A | Appendix | 4 € Breedon'3. 0; three leading platforms Sa Expand and Improve iimeriets with structural raat Vdrivers é ’ 1 ‘. ‘ se} Aa A) 4 = Expand; created three geographic platf
Slide 6: Financial review
hiights || Financial review || Operational review | Summary and outlook _James Brotherton, Chief Financial Officer
Slide 7: 2025 interim financial highlights
|. Group highlights ees Operational review | Summary and outlook | G&A | Appendix | 6 BB Breedon Group ple interim Results 2025 2025 interim financial highlights Resilient financial performance Revenue aS ay ROIC 7.8% £815.9m | §] 8.8% B £764.6m Interim Dividend Free Cash Flow mie Rane Net Debt poh
Slide 8: Revenue and EBITDA bridges
Breedon Group ple Interim Results 2025 Group highights [J FiManetalfevieWe|] Operational review | Summary and outlook | Q&A | Appendix | Revenue and EBITDA bridges Operating leverage partially offset by disciplined cost management Revenue bridge £m EBITDA bridge £m +7% (3)% 765 3 (32) 80 816 118 3 3
Slide 9: H1 2025 divisional EBITDA contributions
Breedon Group ple Interim Results 2025 Group highlights ere Operational review | Summary and outlook | @&A | Appendix | 8 H1 2025 divisional EBITDA contributions Resilient performance in challenging markets Great Britain Ireland United States Cement Group £480.7m £103.0m £127.2m £150.2m £815.9m 2 Hv
Slide 10: Free Cash Flow and Net Debt movement
Breedon Group ple Interim Results 2025 Group highights [J JEinaneilrevieW Operational review | Summary and outlook | @&A | Appendix | Seasonal working capital outflow; Net Debt increased to finance Lionmark acquisition £(25.0) million Free Cash Flow before major capital projects £ million 0. 115.0 |
Slide 11: 2025 technical guidance
Breedon Group ple Interim Results 2025 2025 technical guidance Group highiights [J inaneial reviews | Onerational review Cashflow Summary and outlook 8A | Append | Depreciation c.£115m Capital expenditure £125m to £135m Net interest expense £32m to £35m Full year working capital outflow £20m to £30m
Slide 12: Our capital allocation model
Operational review | Summary and outlook | @8A | Appendic | 11 Breedon Group ple Interim Results 2025 Group highights [J JEinaneilrevieW Our capital allocation model Investment as a differentiator AA 4 A Maximise value through Proactive investment Meeting strategic Excess capital deployment objectiv
Slide 13: Operational review
Breedon Group ple Interim Results 2025 -
Slide 14: UK market
Breedon Group ple Interim Results 2025 Group highlights | Financial review eee Summary and outlook | @8&A | Appendix | 13 UK market Macroeconomic uncertainty weighing on economic growth UK GDP growth modest UK construction forecast @ Residential @ Infrastructure ~ GDP grew 0.7% in the year to May 20
Slide 15: Rol market
Breedon Group ple Interim Results 2025 Group highlights | Financial review eee Summary and outlook | @8&A | Appendix | 14 Rol market Good start to 2025 Robust domestic demand in Q1 Rol construction forecast @ Residential @ Infrastructure = MDD growth 2.4% in the year to March 2025 ORD Oat Constructi
Slide 16: US market
Breedon Group ple Interim Results 2025 Group highlights | Financial review eee Summary and outlook | @8&A | Appendix | 15 US market Economic headwinds impacting short-term growth outlook US GDP reflects macroeconomic uncertainty US CPiP @ Residential @ Infrastructure ~ GDP declined 0.5% in the year
Slide 17: Great Britain
Breedon Group ple Interirn Results 2025 Group highlights | Financial review (OperationalrevieW || Summary and outlook | @&A | Appendix | 16 Great Britain Challenging markets Challenging market conditions Aggregates Asphalt Concrete million tonnes million tonnes million m? outweighed by weak business
Slide 18: Ireland
Breedon Group ple Interim Results 2025 Ireland Robust performance Spending priorities re-evaluated = Headwinds; deferral of certain major projects, lower levels of streetlighting activity = Welcome review of Rol’s 10-year National Development Plan Disciplined tendering = Commercial focus on securing
Slide 19: United States
Breedon Group ple Interim Results 2025 United States Healthy backlogs offset by adverse weather Volumes impacted by adverse weather - Aggregates benefited from investment in equipment, contract wins, the acquisition of Lionmark, and two additional months of BMC = Concrete and site activity disrupted
Slide 20: Cement
Breedon Group ple Interim Results 2025 Cement Resilient performance against mixed backdrop Resilient outcome =~ End-market demand for GB ready-mixed concrete reflected in lower volumes Major projects and maintenance completed successfully ~ High reliability performance maintained ~ Solar farm and ba
Slide 21: Summary and outlook
Slide 22: Three leading platforms; medium-term confidence
& Breedon Group plenterin Results 2025, ‘ ‘Glouo highlight: Financial review | Operational review |jSummaryendioutioak | G84 | Appendix | 21 Th ree leadi ing platforms; medi i uinp-term confidence + Optimally positioned When phetruttion market sae ifnproves. = ; 4e . " nas Be h — } a : tf j 7 ‘gi -
Slide 23: Appendix
Breedon Group ple Interim Results 2025 | Group highlights | Financial review | Operational review: | Sug Your ques Sega Tees Sabbaths CA aus
Slide 24: Q&A
Slide 25: MPA volumes
Breedon Group ple Interim Results 2025 MPA volumes MPA Aggregates volumes (million tonnes) MPA Asphalt volumes (million tonnes) MPA Ready- mixed concrete volumes (million m3) 170 150 130 no Group highlights | Financial review | Operational review | Summary and outlook | Q&A eeced| 24 90 2005 2006 20
Slide 26: Aggregates markets and inflation hedge
Breedon Group ple Interim Results 2025 Group highlights | Financial Operational review | Summary and outlook | Q&A |iJAppeneie 25 A t ici t inflati Asset base and local model provide a natural inflation hedge Aggregates markets supply GB - million tonnes Aggregates markets supply US - million tonnes
Slide 27: GDP comparable
Breedon Group ple Interim Results 2025 Group highlights | Financial review | Operational review | Summary and outlook | aaa |) Appendie 26 GDP comparable Nebraska |Kansas lowa South llinois 50m |19m Missouri |Arkansas “| Tennessee vad 100m Midwest diane UK Great Britain 408m . : $3.5trn = 178m short
Slide 28: Significant Midwest consolidation opportunity
BB Breedon Group pie Significant Midwest consolidation opportunity Highly fragmented markets Materials producer landscape 408mt 339 plants 58m cu yd ii Small ‘ independents F.E. Breckenridge 17 acquisitions Rapid integration Material company R Aine, 9 . Strong management Bolt-on acquisition AS found
Slide 29: Revenue mix
Breedon Group ple interim Results 2025 Group highlights | Financial review | Operational review | Summary and outlook | Qa |) Appendie 28 Revenue mix Geography Division Product! mUK 70% @ Great Britain 53% MInfrastructure c.50% @ Aggregates c.30% @Rol 1% Bi lreland 12% m Residential c.20% m™ Cement
Slide 30: An outstanding track record of sustainable growth
Breedon Group ple Interim Results 2025 Group highlights Operational review | Summary and outlook | @&A |) Appendix 29 An outstanding track record of sustainable growth Breedon Six bolt-on Hope Lagan Cemex Nine bolt-on | BMC transactions UK assets | transactions Lionmark Revenue CAGR? 19% £1,576m £17
Slide 31: Our evolving financial framework
Appendix BR Breedon Group ple Interim Results 2025 Group highlights | Financial review | Operational review | Summary and outlook | Q&A 30 Our evolving financial framework Financial metrics aligned to our strategy Growth Revenue > Outperform our markets Profitability Underlying EBITDA margin > 17.5%
Slide 32: Long-term committed borrowing facilities
Breedon Group ple Interim Results 2025 Group highlights | Financial review | Operational review | Summary and outlook | Q&A eeced| 31 Long-term committed borrowing facilities RCF maturity extended to 2029; £79m of USPP notes issued Debt finance positioned to support Long term financing at low fixed
Slide 33: Stable cost backdrop
BB Breedon Group ple interim Results 2025 | Group highlights | Financial review | Operational review | Summary and outlook | 8A eeced| 32 Stable cost backdrop Managed through layered hedging approach UK Electricity Bitumen Carbon 2,500 160 140 2,000 120 1,500 is 80 1,000 60 40 500 20 fo} fo} 2020 20
Slide 34: Flexible cost base supported by forward hedging
Breedon Group ple Interim Results 2025 Group highlights Operational review | Summary and outlook | aA |gaeianell 33 Flexible cost base supported by forward hedging programme 35% Materials & other direct costs 9% Energy, fuels and carbon = Includes imported cement, bitumen, ~ Energy and carbon costs
Slide 35: H1 2025 Consolidated income statement
Operational review | Summary and outlook | 8A eeced| 34 Breedon Group ple Interim Results 2025 Group highlights | Financial For the half year ended 30 June 2025 H1 2025 Consolidated income statement £ million HY 25 HY 24 Revenue 815.9 764.6 Underlying EBITDA 115.0 118.1 Depreciation and mineral depl
Slide 36: H1 2025 Balance Sheet
Operational review | Summary and outlook | Q&A eeced| 35 Breedon Group ple Interim Results 2025 Group highlights | Financial review At 30 June 2025 H1 2025 Balance Sheet £ million HY 25 HY 24* Property, plant and equipment 974.9 897.4 Right-of-use assets 46.0 472 Intangible assets 800.0 687.5 Invest
Slide 37: H1 2025 Free Cash Flow
Breedon Group ple Interim Results 2025 Group highlights | Financial review | Operational review | Summary and outlook | Q&A eeced| 36 For the half year ended 30 June 2025 H1 2025 Free Cash Flow £ million HY 25 HY 24 Underlying EBITDA 115.0 118.1 Working capital and provisions (80.5) (63.7) Net inter
Slide 38: Market consensus
Breedon Group ple Interim Results 2025 Market consensus Company compiled as at 21 July 2025 Group highlights | Financ Operational review Summary and outlook | Q&A | Appendix. 37 2025 2026 Value Range Value Range Revenue £1,793m =£1,704m- £1,834m £1,897m_ £1,816m - £1,948m Underlying EBITDA £303m £29
Slide 39: Evolving our strategy: Breedon 3.0
Breedon Group ple Interim Results 2025 Group highlights | Financial review | Operational review | Summary and outlook Evolving our strategy: Breedon 3.0 Virtuous circle of enhancement People “ _ Sustainability %/ milatelaces) EXPAND > Breedon is a consolidator and M&A is at the heart of our strategy
Slide 40: Forward looking statement
Breedon Group ple Interim Results 2025 Group highlights | Financial review | Operational review | Summary and outlook | Q&A eeced| 39 Forward looking statement The information contained in this presentation document (the “presentation”, which term includes any information provided verbally in connec