Forterra (FORT) Trading Update summary

Financial performance

• Year-to-date revenue reached £336m, up 16% from the prior year (£290m).

• Revenue growth in the last four months slowed to 10% year-on-year, compared to 20.4% in H1.

• H2 despatches and revenue are expected to match H1 levels, with H2 adjusted EBITDA modestly ahead of H1.

• Net debt before leases is anticipated to be below H1, with leverage slightly above one times adjusted EBITDA.

Market and operational update

• New build housing demand remains stronger than the RMI market, supporting revenue growth.

• Domestic brick despatches for the nine months to September 2025 were 10% higher than 2024.

• Brick imports are subdued and flat as a percentage of overall consumption.

• Production at Desford is ramping up, with both kilns operational and output increasing.

• Output is being managed to match demand, maintaining production discipline.

Strategic initiatives

• Wilnecote factory construction is nearly complete, with commissioning underway and first bricks expected before year-end.

• Initial range of brick slips from the Accrington facility is set to launch soon.

• Closures of Bison Bespoke and Formpave operations have been completed as planned.