Ibstock (IBST) Trading Update summary

Market conditions and trading performance

• Weaker than expected demand in core construction markets led to lower revenues in both Clay and Concrete divisions during Q3 2025.

• Market share remained ahead of the prior year, but sales volumes in H2 2025 are expected to match H1, with a continued focus on new build residential customers.

• Adjusted EBITDA for H2 2025 is now anticipated to be similar to H1, reflecting lower market activity and pricing.

• Strong cash management resulted in solid Q3 cash flow, with year-end leverage expected around 2x.

Operational and strategic progress

• Core manufacturing networks achieved higher productivity and operational efficiency in Q3.

• Atlas pathfinder factory is progressing well, with new products nearing full production and expected profitability uplift in 2026.

• Commissioning of the ceramics facades factory in Nostell is advancing, supporting future growth.

• Calcined clay project has completed R&D and testing, with partnership discussions underway and further updates expected at FY 2025 results.

Strategic outlook and positioning

• Despite near-term headwinds, operational progress and market share have been maintained.

• Focus remains on execution and advancing long-term growth projects, positioning the group to benefit from market recovery.

• Investor site visit at the Atlas factory scheduled for December 8th.