Ibstock interim results for the six months ended 30 June 2026

Continued progress across our five strategic levers:

• Driving market leadership through customer engagement, product portfolio cross-selling opportunities and service
• Expansion into adjacent target sectors, particularly public funded education and social housing projects is creating new routes to market, with early engagement from contractors and increasing demand for multi-product Ibstock solutions
• Progress across our innovation strategy, with strong market demand for new products from our Nostell ceramic façade facility and Atlas now producing twelve of the planned product lines, including the first from our carbon neutral range
• Operational efficiency programme, showing benefits from the pilot sites embedding the Safe & Reliable Production approach, to improve manufacturing performance, reliability and cost control
• Focused progress on unlocking value from our unrivalled land and clay reserves through:
  • The commercialisation of calcined clay – work continues to realise this significant value creation opportunity. Following the expiry of exclusivity with one counterparty, discussions may broaden to include alternative partnership opportunities as we seek to maximise long-term value from this strategic asset
  • Further work is underway to unlock value from our wider land estate through a combination of expanding land-based income streams, alongside land sales. Following further review of our estate, we have identified land sale opportunities of up to £50 million over the next three to five years

Current trading and outlook

• Private housebuilding and RMI activity levels remain subdued, with conditions expected to remain challenging in the near term.
• With renewed uncertainty around the Middle East conflict coupled with a changing UK political backdrop, we are mindful of the potential near term effects on consumer confidence and the wider construction sector. Whilst volatility persists, we will continue to focus on managing capacity, inventory levels and costs and will adapt plans to market conditions.
• The business has hedged 85% of energy requirements for the first three quarters of 2026 albeit higher energy and fuel prices have resulted in increased and uncertain cost inflation which will continue through H2. A temporary fuel surcharge was implemented in June to mitigate the near-term impact
• The Group continues to expect to achieve a stronger adjusted EBITDA in H2 than H1, however with near-term conditions expected to remain challenging, the full year outturn will be around the lower end of current market expectations⁵
• Net debt and leverage expected to reduce, with leverage towards 2 times at the end of 2026, supported by stronger cash flow generation in H2.
• The Board remains confident in the medium-term prospects for the business, although the pace and timing of the recovery continues to remain uncertain

“Ibstock delivered a solid first-half performance against a backdrop that remains challenging, with focused execution delivering results in line with our expectations. We continue to enhance our market leading position with continued progress across our strategic levers, and we will continue to adapt capacity, inventory levels and costs to market conditions.

Although we expect private housebuilding and RMI activity levels to remain challenging in the near term, the Group expects to achieve a stronger adjusted EBITDA in H2 than H1.

Looking ahead, with the investments we have made in our manufacturing network largely complete - driving a more reliable and efficient network, we are well-positioned to capitalise when market conditions improve. Continued progress across our five strategic levers - which includes the breadth of opportunities within our unrivalled land and clay reserves - reinforces our confidence in the Group's ability to create significant long-term value.”