Trading Update

11 November 2025

FORTERRA PLC

Full year guidance maintained

Forterra plc, "the Group" a leading UK manufacturer of essential clay and concrete building products, provides this trading update for the ten-month period ended 31 October 2025.

Summary

Current Trading

Tougher prior year comparatives along with a recent moderation of demand from the run rates seen around the middle of the year have resulted in year on year revenue growth over the last four months reducing to 10% relative to the 20.4% reported in H1. New build housing continues to be our strongest market segment with RM&I remaining depressed. Accordingly, we continue to benefit from our greater exposure to extruded or wire cut bricks over soft mud.

Department for Business and Trade figures show that domestic brick despatches for the nine-month period to September 2025 were 10% ahead of the 2024 comparative, with our own brick market share continuing to recover toward longer term norms. Brick imports remain subdued, and whilst ahead of the prior year, remain flat as a percentage of overall consumption.

We continue to actively manage our production capacity with demand varying significantly by product type. Production continues to ramp up as planned at Desford, with both kilns now operational, increasing our output of extruded bricks and ensuring we continue to meet customer demand following a significant destocking during 2025. Elsewhere, we expect to continue managing output as we retain our discipline in matching production to demand.

Our financial position continues to strengthen and we anticipate that year-end net debt before leases will be below H1, with leverage a little above one times adjusted EBITDA on a banking covenant basis.

Strategic Progress

Construction at our Wilnecote factory is nearing completion, with commissioning underway and the first bricks expected to be produced ahead of the year end. Wilnecote will offer an enhanced range of bricks for the premium commercial and specification market, increasing our exposure to this attractive segment.

We have also made good progress in designing and commissioning the initial range of brick slips from our innovative Accrington facility with the initial range due to be launched shortly.

The previously announced closures of our Bison Bespoke and Formpave operations have been executed in accordance with our plans.

Outlook

We anticipate that H2 despatches and revenues will be at similar levels to H1. Consistent with our previous guidance, H2 adjusted EBITDA is expected to be modestly ahead of the H1 figure.

Whilst we remain mindful of the continued economic uncertainty and the impact it is having on current demand, the medium-term market fundamentals remain attractive with a shortage of housing, a strong desire within government to address this, and a constrained supply of essential building products. The Board remains confident that our recent investments in new production capacity leave the Group well placed to benefit from a future recovery of our markets.

ENQUIRIES

Forterra plc +44 1604 707 600

Neil Ash, Chief Executive Officer

Ben Guyatt, Chief Financial Officer

FTI Consulting +44 203 727 1340

Richard Mountain / Victoria Hayns