Forterra (FORT) Trading update summary

Market conditions

• UK brick industry despatches fell 11% YoY in 9M to 30 Sep 2026, worsening from an 8% H1 decline; RMI demand remained subdued and broadly in line with new-build housing.

• Brick market share was maintained, with underlying selling prices broadly in line with expectations; 10M revenue was £282.7m, down 11.9% YoY like-for-like versus a 9.3% H1 decline.

Operations and cost management

• Production across product categories is being aligned with demand to limit inventory and unhedged gas exposure; c.80% of FY27 gas requirements secured.

• On target for c.£1m of H2 cost savings, equivalent to £2m annualised; cost and working capital controls remain tight.

Cash and capital allocation

• Two surplus land disposals are progressing, with aggregate proceeds of c.£12m expected by year end, subject to completion.

• £20m share buyback expected to complete in Dec 2026; 12,049,421 shares repurchased for £17.7m as at 31 Oct 2026.