Ibstock (IBST) Q3 2026 TU earnings summary

Executive summary

• Trading conditions deteriorated sharply in Q3 and remained weak into October, prompting production cuts and further cost action.

• Full-year adjusted EBITDA is now expected in the mid-£40m range, as second-half performance is forecast materially below previous expectations.

Financial highlights

• Lower fixed-cost absorption from reduced production is expected to reduce adjusted EBITDA by approximately £6m, in addition to the impact of lower sales volumes.

• Full-year adjusted EBITDA expected in the mid-£40m range.

Outlook and guidance

• Second-half performance is expected to be materially below previous expectations; full-year adjusted EBITDA guidance is mid-£40m.

• Your First Home support scheme may support medium-term housing demand, but its April 2027 start is expected to weigh on near-term demand.

• Nostell ceramic façades factory commissioning is expected to complete by year-end; attractive financial returns are expected as volumes build over the medium term.