Breedon Group PLC

Latest Results (15.04.2026):

Breedon Group PLC — Annual results for the year ended 31 December 2025 (full year 2025, covering Q4 2025). The Group reported revenue up 9% to £1,713.8m and underlying EBITDA up 3% to £278.8m, while like‑for‑like revenue fell 3% and underlying EBITDA margins softened. Breedon delivered a record post‑Covid Free Cash Flow of £133.2m and raised the full‑year dividend to 15.0p, despite higher net debt following the Lionmark acquisition and a lower post‑tax ROIC of 7.8%.

Key financials

Revenue £1,713.8m (+9%); Underlying EBITDA £278.8m (+3%); Underlying EBITDA margin 16.3% (‑80bps); statutory profit before tax £105.3m; statutory basic EPS 24.2p, adjusted underlying EPS 31.8p.

Cash, debt and leverage

Record Free Cash Flow £133.2m (FCF conversion 48%). Net debt £527.3m (includes IFRS16); covenant leverage 1.8x (within 1–2x target, down 0.4x from H1 peak). Liquidity >£245m (cash ~£115m + undrawn facilities).

Dividend

Board will propose total dividend 15.00p (2024: 14.50p) — payout ratio ~47%; interim 4.75p paid, final 10.25p to be paid 10 July 2026 (ex‑dividend 28 May 2026).

M&A and strategic execution

Acquired Lionmark (EV US$238m) in March 2025 — 10 months contribution: £161.4m revenue and £21.1m underlying EBITDA; integration substantially complete. Announced Booth acquisition (completed 27 Feb 2026) and several bolt‑ons in GB/Ireland to increase vertical integration. Active M&A pipeline across geographies.

Segment / operational highlights

Great Britain: revenue £1,116.1m, LFL volumes down (fourth year of decline); focused cost savings and operational excellence preserved margins. Ireland: revenue £291.6m, margin structurally higher; progress on Dublin market and Kinnegad plant efficiencies. US: revenue £316.1m (impact of Lionmark); underlying EBITDA up but margin diluted by asphalt/surfacing inclusion and weather disruption.

Cash deployment and capex

Net capex £110.5m (capex ≈106% of depreciation). 2026 technical guide: capex £120–130m; depreciation ~£120m; net interest ~£35m; Group tax rate 22–23%; working capital outflow £20–30m.

Sustainability & people

SBTi footprint re‑baselined to include US business; combined scope 1 & 2 and purchased clinker/cement scope 3 emissions down 7% in 2025. Breedon Balance products now 39% of sales. MSCI ESG score improved to AAA; CDP Climate A‑, Water B. Continued investment in safety, apprenticeships and people programmes.

Outlook & risks

UK demand remains subdued but showing signs of stabilising; RoI outlook positive supported by NDP funding; US infrastructure spending supportive though residential housing uncertain. Key risks: market volumes, input costs, project execution, regulatory changes (eg CBAM) and climate/CCS programme execution.