Ibstock (IBST) Trading Update summary

Trading performance and market conditions

• Sales volumes and revenues in Q1 2025 were well above the prior year, driven by increased demand in new build residential construction and a weak 2024 comparative.

• Pricing remained competitive, with benefits from price increases starting to be realized, though sales mix impacted selling prices.

• EBITDA margin percentage was below the prior year due to cost inflation, sales mix, and additional factory network costs.

Strategic initiatives and investments

• Production volumes at the Atlas site increased as expected, and Phase 2 of the Nostell ceramic facades factory is on schedule for year-end commissioning.

• Recent investments in the factory network position the group to meet significant unmet demand for new build housing in the UK.

Outlook and expectations

• Full year expectations remain unchanged, with performance anticipated to be weighted towards the second half of 2025.

• Trading momentum is expected to build through the year, supported by targeted investments and ongoing growth projects.