Michelmersh Brick Holdings Plc · LSE:MBH
Michelmersh Brick — FY2025 Earnings Presentation
27 slides from Michelmersh Brick's earnings presentation, March 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results Britain’s Brick Specialist Michelmersh Brick Holdings PLC The Old Boathouse, Maidenhead Company registration number: 03462378
Slide 2: Disclaimer
Michelmersh Full Year Results 2025 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 ho
Slide 3: Presentation Team
Michelmersh Full Year Results 2025 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
Slide 4: 2025 Overview
2025 Overview RESIDENTIAL The Denton, Hertfordshire
Slide 5: Overview
Michelmersh Full Year Results 2025 Overview Premium brick and building products manufacturer operating throughout the UK and Benelux regions FABSPEED, SKELMANTHORPE c.480 acres of freehold land assets Prefabrication BLOCKLEYS, TELFORD Lifetime revenue cycle Wirecut Bricks & Clay Clay Deposit • Exten
Slide 6: Commercial strategy drives resilience
Michelmersh Full Year Results 2025 Commercial strategy drives resilience Significant strength in the premium end of the brick market in the UK and Belgium Strong Core Markets Strong Industry Relationships Premium Product Portfolio Broad product portfolio deliberately Collaborative distribution model
Slide 7: Strategy to deliver earnings progression and Shareholder returns
Michelmersh Full Year Results 2025 Strategy to deliver earnings progression and Shareholder returns The Group leverages its premium market presence, resilient earnings, and diverse customer base to generate progressive earnings PREMIUM PRODUCT A COMMITMENT TO QUALITY The Group is a leading manufactu
Slide 8: Capital Allocation Framework
Michelmersh Full Year Results 2025 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 retur
Slide 9: 2025 Highlights
Michelmersh Full Year Results 2025 West Wickham Library, London 2025 Highlights Performance impacted by broad external market conditions; successful operational improvements and delivery of capital allocation policy • Group revenue down 1.7%, reflecting a robust 2025 UK brick sales performance mitig
Slide 10: 2025 Operational Highlights
Michelmersh Full Year Results 2025 2025 Operational Highlights • Low single digit increase in UK brick despatch volumes in line with management expectations • Order intake tracked ahead of normalised manufacturing volumes albeit with inconsistent call off rates, highlighting customer uncertainty • D
Slide 11: 2025 Sustainability Highlights
Michelmersh Full Year Results 2025 2025 Sustainability Highlights Strengthening operational efficiency, governance and innovation to support long-term sustainable progess. Innovation and Long-Term Value Creation • Prefabrication production integrated into core brick operations • Innovation Lab estab
Slide 12: Financial Review
Financial Review PUBLIC 11 Belgrave Road, London
Slide 13: 2025 Financial Highlights
Michelmersh Full Year Results 2025 2025 Financial Highlights 2024 Comparative Revenue Gross Margin Adjusted Operating Profit £68.9m 34.5% £8.4m £70.1m 35.8% £10.1m Adjusted EBITDA Profit Before Tax Cashflow From Operations £12.4m £4.3m £10.9m £14.0m £9.9m £10.2m Basic EPS Adjusted Basic EPS NAV per
Slide 14: Income Statement
Michelmersh Full Year Results 2025 Income Statement Performance impacted by broad external market conditions alongside successful operational improvements Year ended Year ended 31 Dec 2025 31 Dec 2024 Change £M £M Revenue 68.9 70.1 (1.7%) Gross Profit 23.8 25.1 (5.5%) Gross Margin 34.5% 35.8% (1.3%)
Slide 15: Balance Sheet
Michelmersh Full Year Results 2025 Balance Sheet Strong balance sheet position underpins financial resilience and capital allocation flexibility Year ended Year ended 31 Dec 2025 31 Dec 2024 £M £M Intangible Fixed Assets 21.2 22.6 Tangible Fixed Assets* 71.4 69.4 Net Working Capital 19.6 16.5 Net (D
Slide 16: Cash Flow
Michelmersh Full Year Results 2025 Cash Flow Delivering sustainable operational cash, underpinning our liquidity position Year ended Year ended 31 Dec 2025 31 Dec 2024 £M £M Net Cash Generated from Operations 10.9 10.2 Tax Paid (1.9) (2.3) Interest Received / (Paid) (0.3) (0.2) Purchase Of Property,
Slide 17: Market Outlook
Market Outlook RESIDENTIAL The Denton, Hertfordshire
Slide 18: UK Brick Manufacturing – Current Trends
Michelmersh Full Year Results 2025 UK Brick Manufacturing – Current Trends 20% contraction in construction sector activity since 2022 Fundamental market drivers remain Production, Deliveries and Stock Movement encouraging Dec 25 vs Dec 24 (BIS) 1,800 • December 2025 UK brick industry stocks increase
Slide 19: 2025 Market Structure
Michelmersh Full Year Results 2025 Master Chef Studios. Birmingham 2025 Market Structure +20% contraction in UK brick consumption since 2022, Michelmersh market share holding broadly stable UK Manufactured brick – 2025 Market Share OTHERS 2% UK brick manufacturing highly concentrated MICHELMERSH 6%
Slide 20: Supportive UK Housing Dynamics
Michelmersh Full Year 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 sho
Slide 21: Outlook
Michelmersh Full Year Results 2025 Outlook Well placed for Market recovery Industry • Critical shortage of UK residential and social housing with supportive Government. • Brick continues to be the façade material of choice. • Construction activity remains +20% below 2022 highs due to consumer sentim
Slide 22: Appendix
Appendix PUBLIC The Denton, Hertfordshire A Week At The Knees
Slide 23: Our markets
Michelmersh Full Year Results 2025 Broad and varied range Our markets NEW BUILD HOUSING REPAIR, MAINTENANCE & IMPROVEMENTS COMMERCIAL & INFRASTRUCTURE 23
Slide 24: A Diversified Clay Offering
Michelmersh Full Year Results 2025 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 Fresh
Slide 25: Sustainability
Michelmersh Full Year 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 degra
Slide 26: Governance Framework
Michelmersh Full Year Results 2025 Governance Framework THE SHAREHOLDERS THE BOARD EXECUTIVE INDEPENDENT NON-EXECUTIVE DIRECTOR DIRECTORS RYAN TONY PAULA DARREN MAHONEY MORRIS HAY-PLUMB WATERS CEO CHAIR SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR DIRECTOR COMMITTEES NOMINATION RENUMERATION AUDIT COMMI
Slide 27: Why Use Brick?
Michelmersh Full Year Results 2025 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 sustain
Michelmersh Brick Holdings — FY2025 Earnings Presentation on 6ix