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2025 HALF YEAR RESULTS 6 AUGUST 2025 Project: The Setl Product: Arden Weathered Rad and Cissbury Red Multi bricks
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2 DISCLAIMER The information contained in this presentation has not been independently verified and this presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “growing”, “scope”, “platform”, “future”, “expected”, “estimated”, “accelerating”, “expanding”, “continuing”, “potential” and “sustainable” and similar expressions or variations on such expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond Ibstock Plc’s (the “Group’s”) control and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. All statements (including forward-looking statements) contained herein are made and reflect knowledge and information available as of the date of preparation of this presentation and the Group disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. Nothing in this document should be construed as a profit forecast. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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3 AGENDA OVERVIEW Joe Hudson FINANCIAL REVIEW Chris McLeish MARKET BACKDROP Joe Hudson STRATEGIC PROGRESS Joe Hudson SUMMARY & OUTLOOK Joe Hudson Q&A
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4 OVERVIEW Significant volume increase in H1 25, underpinned by strong growth in new build residential markets Performance impacted by costs to activate network capacity; modest price progression in the period With recent investments in both core and diversified networks together with a clear focus on margin management and execution, the Group is well-placed to capitalise on market recovery The Group continues to expect adjusted EBITDA for the full year in the range of £77 million to £82 million Further progress made in the Group’s diversified growth strategy, with capital investment on track and increasing financial contribution within Ibstock Futures Project: CG Glasgow Road Clydebank Product: Arden Weathered Grey and Ebony Black bricks
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Project: David Wilson Homes Product: Gemini Mixed Russet roof tiles FINANCIAL REVIEW
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6 FINANCIAL SUMMARY EBITDA: Net debt 2.2x HY 2024: 2.0x Return on Capital Employed 7.0% HY 2024: 8.0% Dividend per share HY 2024: 1.5p Adjusted EBITDA margin 18.4% HY 2024: 21.2% Revenue £193.4m HY 2024: £178.2m Adjusted EBITDA* £35.5m HY 2024: £37.7m Adjusted EPS* 3.0p HY 2024: 3.5p 1.5p *Excludes £2.8m of exceptional items in the current period (H1 24: £3.2m) relating to previously announced restructuring programmes
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7 REVENUE BRIDGE 1.1 14.1 HY 2025 Concrete Clay HY 2024 Strong revenue growth driven by robust volume performance in Clay Group revenues increased by 9% driven by significant volume growth in Clay Clay revenues 12% higher reflecting stronger volumes in H1; Stronger growth in wire cut products into new build residential markets Growth more concentrated in Midlands and North; volumes into London market reduced Segment includes £5.2m from Ibstock Futures (2024: £3.9m) Concrete revenues up by 2%, reflecting volume growth across residential product categories, offset by weaker rail infrastructure volumes 193.4 +£15.2m +9% Clay Concrete 178.258.8 59.9133.5 119.4 £m
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8 CLAY Project: High Grange Product: Beamish Blend, Birtley Olde English Buff, Birtley Olde English Grey and Northumbrian Cottage bricks Investing in core capacity to meet growing market demand Revenue increased by £14.1m, up 12% year-on-year Increase reflected stronger sales volumes during the first half of 2025 Growth concentrated in new-build residential sector Modest progression in selling prices in the period reflecting a more competitive backdrop Adverse mix impact from relatively stronger growth in wire cut products and higher proportion of non-best sales volumes Adjusted EBITDA of £32.8m down 4% (2024: £34.2m) Margin impacted by higher-than-expected incremental costs associated with restoring active capacity and under recovery of cost inflation through pricing Anticipate H2 improvement in profitability as productivity and operational efficiency ramp up Continued solid progress in Futures, with net costs reducing to £1.5m (H1 2024: £3.3m); we expect Futures to move towards break even in H2 2025, with EBITDA beginning to build from 2026 6 months ended 30th June (£m) 2025 2024 Total Revenue 133.5 119.4 Adjusted EBITDA 32.8 34.2 Margin 24.6% 28.6%
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9 CONCRETE Project: Flood defense Product: Stepoc, Retaining Wall System Well positioned to benefit from market recovery over the medium term Revenue increased by £1.1m, up 2% year-on-year Solid volume growth across residential product categories, offset by weaker rail infrastructure sales volumes Adjusted EBITDA of £6.0m (2024: £7.5m) with margins below prior year Infrastructure rail volumes were materially down as activity levels in UK rail infrastructure markets fell to historically low levels Residential product categories were relatively more resilient, although margins were slightly lower, reflecting a more competitive backdrop in some parts of the market 6 months ended 30th June (£m) 2025 2024 Total Revenue 59.9 58.8 Adjusted EBITDA 6.0 7.5 Margin 9.9% 12.7%
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10 35% 15% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY 2022 H1 2024 H1 2025 Production volumes Active capacity available Inactive capacity ACTIVE CLAY CAPACITY INCREASED Actions to reactivate around 20% of overall network taken since H1 2024 Following recent investments, active clay network can support further significant market growth without structurally increasing fixed cost Productivity and efficiency at reactivated network sites expected to improve from H2 2025 Following recent action, active network can now support significant further market growth Net 5% capacity increase since 2022
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11 Improvement in cash conversion driven by disciplined management of working capital Resilient cash flow performance driven by tight control of capital expenditure, cost and working capital £12.4m working capital outflow in HY 25 (HY 2024: £19.4m outflow) reflects typical seasonal pattern Cash conversion percentage of 32%, ahead of prior year (2024: 24%) Capex of £20.9m (2024:£24.4m): £12.1m (2024: £13.5m) on organic growth projects £8.8m (2024: £10.9m) on sustaining capex CASH FLOW PERFORMANCE 6 months ended 30th June (£m) 2025 2024 Adjusted EBITDA 35.5 37.7 Δ in net working capital (12.4) (19.4) Net interest (4.6) (4.2) Tax (2.3) (0.5) Other (4.9) (4.7) Adjusted operating cash flow 11.3 9.0 Cash conversion % 32% 24% Capex (20.9) (24.4) Adjusted free cash flow (9.6) (15.5)
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12 Closing net debt of £144.5m as at 30 June 2025 RESILIENT BALANCE SHEET Our balance sheet remains solid, with net debt expected to reduce during the second half of the year Reported leverage of 2.2x at 30 June 2025 (31 Dec 2024: 1.8x) reflecting planned seasonal investment in working capital Significant headroom under debt covenants (1.9x leverage at period end vs covenant of 3.0x) with £80m of available liquidity We expect to generate positive cash flows in the second half of the year 1. Other operational cash flows include lease costs (£4.9m), interest (£4.6m), exceptional items (£3.2m), tax (£2.3m) and other (£0.2m) 2. Banking covenant leverage basis calculated as net debt excluding leases divided by last twelve months’ Adjusted EBITDA Net debt/(cash) 1.8x 2.2x 121.6 (35.5) 12.4 15.2 20.9 9.9 144.5 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0
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13 TECHNICAL GUIDANCE FY25 Income statement Anticipate YoY growth in sales volumes in H2 25, although we remain mindful of broader macroeconomic risks Energy requirements well covered for H2 2025 >80%; >50% covered for 2026 Underlying depreciation expected to total around £34m for FY25 Interest expense to remain at around £9m Effective FY tax rate around 26%, reflecting corporation tax at 25% and normal levels of non-deductible expenses Cash No change to full year capital expenditure guidance: Sustaining capital expenditure expected to be around £20m (2024: £17m) Growth capital expenditure expected to be around £20m (2024: £28m), with major capital investment projects now close to completion Cash tax expected to approach £5m, with more modest benefit from accelerated capital write-downs Ibstock stand at a Merchant Exhibition, 2025 We continue to expect adjusted EBITDA for the full year to be in the range of £77m to £82m
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Project: 247 Wimbledon Product: Handmade Light Red Multi 50mm MARKET BACKDROP
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15 CORE MARKETS UPDATE Project: Redrow Homes Product: SL8 Roof Tiles Red Early signs of market recovery evident, although backdrop remains cautious 209 173 126 140 159 173 2022A 2023A 2024A 2025F 2026F 2027F Total Housing Starts ('000) 208 189 178 187 198 207 2022A 2023A 2024A 2025F 2026F 2027F Total Housing Completions('000) Funding allocated to social housing and new towns Affordability remains a challenge in private housing Focus of government on planning & delivery RMI continues to be subdued
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16 UK BRICK MARKET OVERVIEW Total UK brick deliveries 2017 to 2022 5-year average UK brick market size of 2.45bn (2017-22 excl. 2020) We retain conviction that market will return to this level over the medium term Sources used: Customs and Excise and Department for Business & Trade Strong growth during H1 25, with expectation of YoY progress in H2 2025 304 561 480 481 16% 41% 34% 33% 0% 10% 20% 30% 40% 50% - 100 200 300 400 500 600 Dec-22 Dec-23 Dec-24 May-25 m bricks Inventory levels Inventory (LHS) Inventory % Domestic market (RHS) 5-month UK brick deliveries 2022 – 2025 May 2025 YTD UK brick deliveries including imports 13% above the prior year, but remain 30% below the 2022 comparative Imports reduced further as a proportion of overall market (to 18.5%; down from 23.6% in 2022) We have seen meaningful YoY mix shifts in product, channel and region Inventories Manufacturer inventory levels broadly in line with December 2024, following destocking during 2024 year Indicates disciplined management of network capacities 2.3 2.5 2.5 2.4 2.5 1.8 2.0 2.2 2.4 2.6 2017 2018 2019 2021 2022 Brick deliveries (bn bricks) Total UK brick deliveries 2017 to 2022 Total UK brick deliveries 5 year average 836 577 539 611 258 149 127 139 1,094 726 666 750 16% (34%) (8%) 13% (50%) 0% 50% 100% 150% - 200 400 600 800 1,000 1,200 2022 2023 2024 2025 % Change Brick deliveries (m bricks) Brick deliveries (YTD to May) UK Brick Deliveries (LHS) Imports (LHS) Total Brick Deliveries % Change (RHS)
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17 GROWING MARKET SEGMENTS MID TO HIGH RISE Growth in diversified construction markets over the medium term Sources used: gov.com, gov.uk 10-YEAR INFRASTRUCTURE STRATEGY Includes 500 new schools, 35 new hospitals, & 3 new prisons SOCIAL / RENT HOUSING £39bn investment to include building 300,000 social and affordable homes over the next decade c.3,400 buildings in England over 11m with unsafe cladding still to be remediated
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Ibstock Apprentices at MAKE UK in Birmingham STRATEGIC PROGRESS
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19 OUR STRATEGY Driving superior long term stakeholder value IMPROVING LIVESMANUFACTURING MATERIALS FOR LIFEADDRESSING CLIMATE CHANGE GROWTHINNOVATIONSUSTAINABLE HIGH PERFORMANCE Sector innovationObsessive customer experience People and cultureSafe, reliable production Sector leading sustainability and social impact DEPLOYING AND EMBEDDING IBSTOCK’S DIFFERENTIATORS INTEGRATED ESG TARGETS v v
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20 SECTOR INNOVATION Expanding choice, accelerating innovation and advancing sustainability Building momentum in H1 25 with bringing more new products to the market at pace Introduced six additional new clay products - primarily targeting the Specification market, supporting our focus on higher-end customer requirements Evolving core product ranges across both clay and concrete product categories - focused on increasing recycled content and lowering embodied carbon Major capital projects are also enabling new product development across both core and diversified markets – including modular façade innovations within Ibstock Futures now in commercial trials New precast Concrete Floor Beams at our Sittingbourne factory using recycled content 22% of revenue from new and sustainable products Swanbourne Yellow Multi Hatton Multi Stock Abingworth Red Multi Stock Bracken Brown Bermondsey Yellow Ivanhoe Farringdon Blend
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21 SUSTAINABLE GROWTH - ATLAS Scaling production and unlocking further carbon reduction potential Production ramp up underway Accelerating production of our lowest carbon bricks to date Five of the 14 new products now successfully progressed through commissioning - all enabled by the extensive capacity and flexibility of the new facility. Shortlisted for Government’s HAR2 programme – pioneering Green Hydrogen Atlas has been shortlisted - alongside partners - for the Government’s HAR2 (Hydrogen Allocation Round 2) programme If approved - the proposal would include building a Green Hydrogen facility at our new Atlas brick factory in Walsall Atlas is already cutting carbon by ~50% compared to the original factory. Phase 1 of the Green Hydrogen project targets ~75% reduction - with further potential as our strategy evolves
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22 Phase one The UK’s first automated brick slips cutting line continues to ramp up, delivering a positive profit contribution in the first half of 2025 Strong market response reinforces confidence in facades as a key growth area Phase two A new large-scale ceramic facades factory, featuring advanced manufacturing and design technology The facility is on track for commissioning by year-end and supports even more sustainable and modern methods of construction (MMC) in the UK This capability enables a broader new product development and solution innovation – including new modular façade innovations to address customer sustainability, productivity, and affordability challenges Construction of the Nostell Factory – Phase Two DIVERSIFIED GROWTH - NOSTELL Two strategic investments progressing well at the new Nostell facility
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23 Calcined Clay can help cut concrete’s CO2 emissions by ~40% Cement and concrete contribute 7-8% of global CO2 emissions Calcined clay expected to lower cash costs vs Ordinary Portland Cement (OPC) Strong demand expected as traditional products (iron slag and power station ash) are reducing Ibstock well placed to become the first industrial scale calcined clay facility in GB Ibstock has unique, high quality, long-life source of raw material to produce low-carbon calcined clay cement Discussions with potential partners underway; commercial roadmap to be concluded at end of this process Global momentum More than 25 calcined clay plants worldwide already commissioned Quarry Example In coming decades there will be increased use of ground limestone and calcined clays to both compensate for reduced supply of fly ash and slag and further reduce the Portland clinker to binder ratio. Global Cement & Concrete Association, 2025 ““ CALCINED CLAY Leading innovation opportunity in low-carbon cement
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SUMMARY & OUTLOOK The Ibstock Bee Brick
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25 POTENTIAL FOR SIGNIFICANT EARNINGS GROWTH OVER THE UPCOMING YEARS Core business recovery alongside diversified growth investments support delivery of our mid-term targets With asset platforms now in place, and with market volumes progressing, the Group has confidence in revenue target of £600 million over the medium term Over the same period, the Group anticipates margin progress back to target of 28% from: volume leverage network efficiency sales mix improved pricing With installed capital base now sufficient to support recovered market, we remain committed to capital efficiency target, with Return on Capital Employed (ROCE) expected to move back to 20% on recovered earnings Group wide strategic actions drive greater potential growth (e.g. Calcined Clay) £50m £70m £90m £110m £130m £150m £170m RECOVER TO 2022 VOLUMES £100m £150m £50m ATLAS, ALDRIDGE AND SLIPS MID-TERM TARGETS 2024 EBITDA Core business recovery and committed growth investments Group wide strategic actions drive greater potential growth e.g. Calcined Clay Confidence in our medium-term prospects is underpinned by a return to normalised demand conditions and incremental returns from our significant capital investment programme
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26 Since 2018: c.£300m of organic capital invested, driving a lower cost, more efficient and sustainable network c.£20m invested in M&A focussed on smaller bolt-on acquisitions >£250m of ordinary dividends £75m of incremental capital returns CAPITAL ALLOCATION Return capital to shareholders Invest incrementally with attractive returns (organically or M&A) Pay sustainable ordinary dividend Maintain and enhance our existing assets Maintain a balance sheet of 0.5x to 1.5x through the cycle Expect free cash flow generation to create significant surplus capital over the next 5 years (after sustaining capex and dividend) Core sustaining capex to revert to long term average Balanced approach to allocating capital expected over medium term Expect to realise proceeds from land estate of c.£30m over 3 to 5 years SIGNIFICANT ORGANIC INVESTMENT FOCUS TO DATE GREATER OPTIONALITY LOOKING FORWARD
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27 SUMMARY & OUTLOOK Anticipate further volume growth in H2, although mindful of the macro uncertainty Expect to deliver improved profitability, reflecting focus on costs and operational efficiency Capacity investment and reactivation leaves us well placed for market recovery Confident in achieving medium term growth and margin targets As organic investment programme completes, expect to generate significant cash flow, allowing growth investment and capital returns We continue to expect adjusted EBITDA for the full year to be in the range of £77m to £82m Project: The Pump House, London Product: White Engobe bricks
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Project: ExCel London Product: New Chailey Stock bricks Q&A
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Ibstock stand at Rail Live 2025 APPENDICES
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30 IBSTOCK AT A GLANCE Ibstock Plc is a leading UK manufacturer of building products and solutions, backed up by design and technical services Key facts* 200 Over 200 years of experience 34 Operating manufacturing facilities across the UK c.2,000 Employees across the UK 95% Raw materials sourced in UK 250+ Different brick products No.1 Manufacturer of clay bricks in the UK c.73m Tonnes of clay reserves Eight core product categories and solutions £366m Revenue in 2024 *As at the 2024 FY
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31 PROGRESS IN 2024 AGAINST OUR ESG 2030 AMBITIONS Carbon reduction (Scope 1 and 2) 49% 2023: 37% % absolute carbon reduction tonnes CO2 (relative to 2019 baseline) Target: 40% by 2030; Net Zero operations by 2040 Product innovation 22% 2023: 11% % sales turnover from new and more sustainable products and solutions Target: 20% by 2030 Health and safety 13% 2023: 5% Year on year reduction in Total Injury Frequency Rate (TIFR) Target: 10% reduction in 2025 Previous target for LTIFR achieved in 2023 Water 33% 2023: 28% % reduction in mains water (relative to 2019 baseline) This is a change in reported metric to show % mains water reduction Target: New target to be established in 2025 Waste 4.6% 2023: 5% % of general waste going to landfill Target: Zero by 2025 Earn and learn positions 7.4% 2023: 6.9% % of colleagues in earn and learn positions Target: 10% by 2030 Biodiversity N/A 2023: N/A Biodiversity Net Gain (baseline being established) Target: Net Gain by 2030 Plastic packaging 64%* 2023: 25% % reduction in preventable plastic packaging (relative to 2019 baseline) Target: 40% by 2025 Women in senior leadership 34% 2023: 35% % of women in senior leadership Target: 40% by 2027 *Over time we have excluded packaging from the metric that is not preventable. This means comparisons to the baseline are not representative of true plastic reduction initiatives. How we measure plastic reduction in future will be revised in 2025.
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32 £m Cumulative spend to 30 Jun 2025 Spend to complete Total cost Incremental EBITDA at full utilisation 74 1 75 18 39 6 45 12 MAJOR ORGANIC GROWTH PROJECTS Investment to increase capacity and provide UK’s first carbon neutral brick Project substantially complete, with £1m to spend Expect incremental EBITDA of £18m per annum at full utilisation Group’s investment programme underpinning medium term ambition now well advanced Core Clay investments at Atlas & Aldridge Diversified growth investment at Nostell Slips First phase of the investment at Nostell complete Second phase of the Nostell redevelopment progressing in line with expectations Expect incremental EBITDA of £12m per annum at full utilisation
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33 MEDIUM TERM TARGETS *Illustrative and not to scale. Excludes potential core M&A Sources of growth and margin improvement from 2022 onwards Clay volume and margin improvement Target to grow revenues to >£600m in the medium term with an ambition to grow beyond this Medium term profitability targets: EBITDA Margins in core Clay business of >35% Overall Group margins of at least 28% Targeting revenues outside of traditional clay brick to represent >40% of the Group Committed to retaining our capital discipline with ROCE at >20% in medium term £316m £409m £513m £406m £366m >£600m 2020 2021 2022 2023 2024 Mid-term Revenue growth target
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34 BRICK MARKET DYNAMICS Balancing supply and demand CPA projects a 5% increase for 2025 in all housing completions followed by a 6% increase in 2026 Domestic brick production in 2024 of around 1.3 billion - around 18% lower than 2023 levels Imports in 2024 fell by around 4%, whilst domestic volumes increased by around 2% UK brick deliveries for FY 24 totalled 1.7bn, down c 31% from level of 2.5bn in 2022 Industry inventories decreased in 2024 by around 14% Overall, industry production in 2024 has been balanced to market demand Source: The Department for Business, Energy & Industrial Strategy (BEIS) and HM Customs and Excise 1.3 1.4 1.6 1.5 1.6 1.8 1.9 1.8 1.9 2.0 2.1 1.4 1.9 2.0 1.6 1.3 0.9 0.7 0.6 0.5 0.3 0.3 0.6 0.5 0.4 0.3 0.4 0.3 0.3 0.3 0.6 0.5 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brick Production and Stock (billions of bricks) Production Stock 1.5 1.6 1.6 1.6 1.7 1.8 1.7 1.8 2.0 2.0 2.0 1.5 1.9 1.9 1.4 1.4 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.2 0.3 0.4 0.5 0.3 0.5 0.6 0.3 0.3 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brick Deliveries (billions of bricks) Domestic Deliveries Imports
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35 6 months ended 30th June (£m) 2025 2024 Revenue £193.4m £178.2m Adjusted EBITDA £35.5m £37.7m Normal depreciation (£14.8m) (£14.6m) Adjusted profit before interest and tax £20.7m £23.1m Cash interest (£4.6m) (£4.3m) Adjusted profit before tax £16.1m £18.8m Taxation - at effective rate (£4.2m) (£4.9m) Adjusted profit after tax £11.9m £13.9m Basic adjusted EPS 3.0p 3.5p Exceptional items (£2.8m) (£3.2m) Net debt £144.5m £137.8m Net debt to Adjusted EBITDA (pre IFRS-16) 2.2x 2.0x Total ordinary dividend 1.5p 1.5p INCOME STATEMENT
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36 6 months ended 30th June 2025 (£m) Adjusted Depreciation and amortisation Exceptional items Non-cash Interest Deferred tax rate change Capitalised interest Statutory Revenue £193.4m - - - - - £193.4m Costs (£157.9m) (£20.2m) (£2.8m) - - - (£180.9m) EBITDA £35.5m (£20.2m) (£2.8m) - - - £12.5m Normal depreciation and amortisation (£14.8m) £14.8m - - - - - EBIT £20.7m (£5.4m) (£2.8m) - - - £12.5m Finance (£4.6m) - - (£0.6m) - £0.5m (£4.7m) Tax (£4.2m) £1.3m £0.7m £0.1m £0.1m (£0.1m) (£2.1m) Profit after tax £11.9m (£4.1m) (£2.1m) (£0.4m) £0.1m £0.3m £5.7m EPS (pence per share) 3.0p (1.0p) (0.6p) (0.1p) - 0.1p 1.4p ADJUSTED INCOME STATEMENT RECONCILIATION
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37 EXCEPTIONAL INCOME STATEMENT AND CASH 6 months ended 30th June 2025 (£m) Enterprise restructuring GRC Total 2025 brought forward (£1.2m) (£0.7m) (£1.9m) Current year exceptional charge to income statement (£0.7m) (£2.1m) (£2.8m) Cash paid £1.3m £1.9m £3.2m 30 June 2025 carried forward (£0.6m) (£0.9m) (£1.5m)
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38 6 months ended 30th June (£m) 2025 2024 Property, plant and equipment £470.6m £453.3m Right of Use assets £26.1m £36.8m Intangible fixed assets & Goodwill £70.4m £76.3m Non-current assets £567.1m £566.4m Inventories £128.8m £116.8m Trade and other receivables £55.7m £58.6m Current assets £184.5m £175.4m Total assets £751.6m £741.8m Payables (£93.0m) (£77.4m) Lease liabilities (£32.4m) (£40.6m) Other liabilities excluding debt & pension (£97.8m) (£100.4m) Net assets excluding debt & pension £528.4m £523.4m Net debt (£144.5m) (£137.8m) Pension £7.0m £8.8m Net assets £390.9m £394.4m BALANCE SHEET
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39 6 months ended 30th June (£m) 2025 2024 Cash generated from operations £17.2m £10.8m Interest paid (£3.7m) (£3.0m) Other interest paid - lease liabilities (£1.0m) (£1.3m) Tax paid (£2.3m) (£0.5m) Net cash flow from operating activities £10.2m £6.0m Cash flows from investing activities Purchase of property, plant and equipment (£20.9m) (£24.5m) Proceeds from sale of property plant and equipment £2.7m £0.0m Proceeds from sale of property plant and equipment - exceptional £0.0m £0.0m Purchase of intangible assets £0.0m £0.0m Settlement of deferred consideration £0.0m £0.2m Payment for acquisition of subsidiary undertaking, net of cash acquired £0.0m £0.0m Interest received £0.1m £0.0m Net cash flow from investing activities (£18.1m) (£24.3m) Cash flows from financing activities Dividends paid (£9.9m) (£14.1m) Drawdown of borrowings £61.0m £58.0m Repayment of borrowings (£25.0m) (£38.0m) Debt issue costs £0.0m £0.0m Cash payments for the principal portion of lease liabilities (£4.9m) (£4.9m) Cash outflow from purchase of shares £0.0m £0.0m Net cash outflow from financing activities £21.2m £1.0m Net (decrease)/increase in cash and cash equivalents £13.3m (£17.3m) Cash and cash equivalents at beginning of the year £9.3m £23.9m Exchange gains/(losses) on cash and cash equivalents £0.0m £0.0m Cash and cash equivalents at end of the year £22.6m £6.6m CASH FLOW
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40 CASH FLOWS SINCE IPO 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Adjusted operating cash flow* £96m £97m £84m £72m £50m £76m £108m £50m £56m £690m Capital invested (£59m) (£38m) (£31m) (£39m) (£24m) (£25m) (£58m) (£66m) (£45m) (£385m) Adjusted free cash flow £38m £59m £53m £33m £26m £51m £50m (£16m) £11m £305m Ordinary dividend (£28m) (£32m) (£39m) (£40m) £0m (£17m) (£34m) (£35m) (£20m) (£243m) Supplementary dividend £0m £0m (£26m) (£20m) £0m £0m £0m £0m £0m (£47m) Share buy-back £0m £0m £0m £0m £0m £0m (£30m) £0m £0m (£30m) Total capital returned (£28m) (£32m) (£65m) (£60m) £0m (£17m) (£64m) (£35m) (£20m) (£320m) Disposal of Glen Gery £0m £0m £76m £0m £0m £0m £0m £0m £0m £76m Acquisitions* £0m £0m £0m (£13m) £0m £0m (£1m) £0m £0m (£14m) Exceptional items £0m (£7m) (£1m) £0m (£10m) (£2m) £7m (£5m) (£11m) (£29m) Other £2m (£4m) £5m £4m (£1m) (£2m) £1m £1m (£1m) £5m Other cash flows £2m (£11m) £80m (£9m) (£11m) (£4m) £7m (£4m) (£10m) £38m Opening net debt (£145m) (£133m) (£117m) (£48m) (£85m) (£69m) (£39m) (£46m) (£101m) (£145m) Total movement in net debt £12m £16m £69m (£36m) £15m £30m (£7m) (£55m) (£21m) £23m Closing net debt (£133m) (£117m) (£48m) (£85m) (£69m) (£39m) (£46m) (£101m) (£122m) (£122m)
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41 Clay Concrete Group Adjusted EBIT LTMROCE (1) £40.5m -10% £2.9m -36% £36.4m -10% 9.1% -120pts 3.8% -190pts 7.0% -100pts ROCE Weaker ROCE performance throughout the Group, driven by lower earnings and an increase in capital debt Group ROCE 100 bps below prior year Clay adjusted EBIT fell 10% versus prior year Concrete adjusted EBIT reduced 36% versus prior year £40.5m £44.9m £91.1m 2025 2024 2023 £2.9m £4.6m £12.3m 2025 2024 2023 £36.4m £40.7m £92.1m 2025 2024 2023 9.1% 10.3% 23.0% 2025 2024 2023 3.8% 5.7% 15.2% 2025 2024 2023 7.0% 8.0% 19.6% 2025 2024 2023