Breedon Group PLC

Latest Results (06.07.2026):

Breedon Group PLC — annual results for the year ended 31 December 2025 (FY2025 annual results, not a quarterly report). Breedon reported revenue up 9% to £1,713.8m and Underlying EBITDA up 3% to £278.8m, while Underlying EBITDA margin softened to 16.3% (down c.80bps). Statutory profit before tax was £105.3m (2024: £125.4m) and statutory basic EPS fell to 24.2p (2024: 28.1p). The Group generated a record post‑Covid Free Cash Flow of £133.2m, reduced net debt to £527.3m (covenant leverage 1.8x) and proposed a higher full‑year dividend of 15.0p. The results reflect the acquisition and integration of Lionmark, operational cost savings of over £20m and continued investment in growth and decarbonisation.

Financial headline

Revenue £1,713.8m (+9%); Underlying EBITDA £278.8m (+3%); Underlying EBITDA margin 16.3% (down 80bps LFL); Statutory PBT £105.3m (‑16%); Underlying basic EPS 31.8p (‑8%); statutory basic EPS 24.2p (‑14%).

Cash generation & leverage

Record post‑Covid Free Cash Flow £133.2m (FCF conversion 48% vs 42% in 2024). Net debt £527.3m including IFRS16 (£481.1m ex‑IFRS16). Covenant leverage 1.8x (target range 1–2x), down 0.4x from the half‑year peak.

Dividend & capital allocation

Board proposes total dividend 15.00p (2024: 14.50p), payout ratio ~47%. Policy: progressive dividend, disciplined capital deployment with continued priority on organic investment and selective bolt‑on M&A.

M&A and integration

Completed acquisition of Lionmark (US) for US$238m in March 2025; Lionmark contributed £161.4m revenue and £21.1m Underlying EBITDA in its ten months under Breedon. Integration largely complete and synergies on track. Booth acquisition announced (completed Feb 2026) — no 2025 impact.

Regional performance — Great Britain

Revenue £1,116.1m (‑3%); Underlying EBITDA £185.2m (‑4%); margin broadly maintained at 16.6% despite fourth consecutive year of lower volumes, driven by operational excellence and >£20m savings programmes.

Regional performance — Ireland

Revenue £291.6m (‑2%); Underlying EBITDA £64.3m (‑7%) and margin 22.1%. Progress on Kinnegad (high reliability, high alternative fuel use), completed solar farm and bagging plant; NDP‑backed infrastructure outlook positive.

Regional performance — United States

Revenue £316.1m (reported, +139% vs 2024 due to Lionmark); Underlying EBITDA £42.8m (+73%); reported margin 13.5% (impacted by lower‑margin asphalt and adverse H1 weather). On an organic basis US margin ~17.2% and integration of Lionmark ahead of schedule.

Operational & sustainability progress

Delivered >£20m of savings from operational excellence (procurement, distribution, headcount, carbon credit disposals). SBTi disclosure now includes US; combined scope 1/2 and scope 3 (clinker/cement) emissions reduced 7%. MSCI ESG rating improved to AAA; CDP Climate A‑.

Balance sheet & financing

RCF extended to July 2029; additional €95m USPP issued (total c.£330m USPP outstanding) giving long‑dated fixed‑rate financing. Available liquidity >£245m (cash >£115m + >£130m undrawn facilities) and full covenant compliance.

Outlook & 2026 guidance

Market: GB subdued, RoI encouraging (NDP funding), US supported by infrastructure but housing uncertain. 2026 technical guidance: depreciation ~£120m; net interest ~£35m; group tax rate 22–23%; capex £120–130m; working capital outflow £20–30m; cash cost of dividends c.£55m.

Risks highlighted

Principal risks include market volumes, input cost and supply chain pressure, critical asset failure, health & safety, land & minerals planning, and emerging risks such as CBAM implementation, CCS projects, AI and geopolitical tensions. Management notes ongoing mitigation actions.