Breedon Group (BREE) Trading Update summary

Financial performance and market conditions

• Revenue increased 9% year-on-year for the first ten months, driven by acquisitions, but like-for-like revenue declined 3% due to subdued demand and project delays.

• Underlying EBITDA for 2025 is expected in the range of £275–£280 million, with reduced leverage by year-end.

• Profitable growth was delivered despite weak residential demand and infrastructure delays in GB and Ireland.

• Company consensus for FY 2025 EBITDA is £286.9m, with a range of £278.9m to £292.0m.

Regional trends and outlook

• GB market weakened, especially in ready-mixed concrete, now at its lowest in over 60 years; aggregates and asphalt remain resilient.

• Irish business robust despite deferred infrastructure projects; National Development Plan signals increased investment.

• US business saw a slow start due to weather and project deferrals into 2026; non-residential and infrastructure markets remain resilient, but residential recovery is delayed.

• UK infrastructure and housebuilding commitments offer medium-term growth potential, despite current uncertainty.

Pricing and cost environment

• Pricing challenging in GB but more resilient than expected; US pricing environment remains positive, while Ireland's tendering prices met expectations.

• Cost environment expected to remain benign in 2026, with slightly lower energy costs and ongoing self-help initiatives delivering around $10 million in benefits.