Breedon Group PLC

Latest Results (17.01.2026):

Breedon Group PLC — Q2 2025 (six months ended 30 June 2025): Breedon reported a resilient but challenging H1 2025. Reported revenue was £815.9m (up 7% year‑on‑year, driven by the March Lionmark acquisition; like‑for‑like revenue down 3%). Underlying EBITDA was £115.0m (down 3% YoY) with an underlying EBITDA margin of 14.1% (‑130bps vs H1 2024; LFL margin ‑30bps). Underlying profit before tax was £48.9m and underlying basic EPS was 11.2p (statutory EPS 8.0p). Net debt rose to £648.1m and covenant leverage increased to 2.2x. Breedon declared an increased interim dividend of 4.75p and now expects full‑year EBITDA to be at the low end of current market expectations.

Key financials

Revenue £815.9m; Underlying EBITDA £115.0m; Underlying PBT £48.9m; Statutory PBT £34.9m; Underlying basic EPS 11.2p (statutory 8.0p); ROIC 7.8% (H1 2024: 8.8%).

Like‑for‑like performance

On a like‑for‑like basis revenue fell 3% and LFL Underlying EBITDA margin declined 30bps — volumes and mix down c.4% due to weak GB markets, delayed Irish projects and adverse US weather; pricing broadly stable.

Segment highlights

Great Britain: Revenue £480.7m (‑2% reported, ‑4% LFL), Underlying EBITDA £56.4m (margin 11.7%). Ireland: Revenue £103.0m (‑7%), Underlying EBITDA £17.5m (margin 17.0%, +130bps). United States: Revenue £127.2m (reported +140% reflecting Lionmark; LFL +8% cc), Underlying EBITDA £13.0m (margin 10.2%). Cement: Revenue £150.2m (‑4%), Underlying EBITDA £36.5m (margin 24.3%).

Lionmark acquisition and US

Lionmark acquired in March 2025; integration progressing to plan with expected $3m synergies by third full year. Acquisition materially drove reported growth in the US and rebalanced US end‑market exposure toward infrastructure; H1 US trading impacted by extreme weather.

Cash flow and transactions

Free cash flow was an outflow of £25.0m (H1 2024: adjusted outflow £6.0m). Acquisition cash outflows were significant (acquisitions £183.2m in the cash flow table). Net debt increased by £242.8m in the period.

Debt, leverage and financing

Net debt at 30 June 2025 £648.1m (including IFRS16). Covenant leverage 2.2x (H1 2024: 1.6x); company expects leverage to reduce in H2 as working capital unwinds. RCF extended post‑period to July 2029; further USPP notes of £79m issued in H1 (total USPP outstanding £329m).

Dividend

Interim dividend increased to 4.75p per share (up 6% vs H1 2024). Payout ratio ~42% for the interim (cash cost ~£17m).

Guidance and outlook

Full‑year Underlying EBITDA now expected at the low end of the company‑compiled market range (company consensus FY 2025 EBITDA £302.8m; range £291.4m–£311.5m). Updated 2025 guidance includes depreciation ~£115m, net interest £32–35m, capex £125–135m, full‑year working capital outflow £20–30m and group tax rate ~22–23%.

Strategic / sustainability updates

Breedon emphasised US end‑market diversification via Lionmark, progress on mineral reserve extensions (8m tonnes planning extensions; 142m tonnes pipeline), Peak Cluster shareholder agreement for CCS planning and FEED work, and improved CDP ratings (Climate A‑, Water B‑).