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Project : The Ribbon , London . Product : Heritage Red Blend & Parham Red Ibstock At the heart of building 2026 half year results presentation 5th August 2026 OXFORD ST 128 OXFORD STREET WI
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Welcome & agenda OVERVIEW Joe Hudson FINANCIAL REVIEW Simon Bedford MARKET DRIVERS & STRATEGIC PROGRESS Joe Hudson SUMMARY & OUTLOOK Joe Hudson Q&A 2 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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3 IBSTOCK – 2026 HALF YEAR RESULTS PRESENTATION > Resilient clay market performance, with domestic market share gains in H1 > Active management of capacity, production volumes, inventory and costs > Continued progress across our five strategic levers, including unlocking further value from our unrivalled land and clay assets > Expected to achieve a stronger adjusted EBITDA in H2 than H1; with full-year outturn anticipated around the lower end of current market expectations - reflecting continued near-term market challenges > Well placed to deliver growth and value creation as market conditions improve Overview Focused execution in a challenging market 3 Project: Mossford Court Product: Rosa Blanca
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Project: Devonshire Homes - Mariner’s Haven Product: Shearstone Walling Stone Financial performance
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5 Revenue £164.2m 2025: £193.4m Adj. EBITDA1 £25.7m 2025: £35.5m Financial summary Adj. EBITDA Margin1 15.7% 2025: 18.4% Adj. EPS1 0.7p 2025: 3.0p Net debt: EBITDA2 2.5x 2025: 1.9x ROCE 3.5% 2025: 7.0% Dividend per share 0.5p 2025: 1.5p IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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133.5 132.5 119.9 59.9 50.0 44.3 (1.0) (9.9) (12.6) (5.7) 193.4 182.5 164.2 HY 2025 Ibstock Telling Forticrete roofing HY 2025 LfL Clay Concrete HY 2026 £m Clay Concrete Revenue bridge Subdued start to the year, with market uncertainty continuing to weigh 6 Group > Group revenues decreased by 10% (LFL) driven by a challenging market backdrop Clay > Clay revenues 10% lower reflecting lower volumes in H1, partially offset by positive pricing; • Weighting towards wire cut bricks • Annual price increases and temporary fuel cost surcharge implemented • Includes £1.9m of revenue from Ibstock Futures(HY 2025: £5.2m) Concrete > Concrete revenues down 11% (LFL), reflecting continued weakness in residential and RMI markets, partially offset by improving demand from rail infrastructure projects IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION Like-for-like: £18.3m decline (10%) Reported revenue : £29.2m decline (15%) £10.9m divested in 2025 HY 2025 HY 2025 LFL HY 2026
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Clay Gaining market share against a challenging backdrop 7 Revenue decreased by £13.6m, down 10% year-on-year > Core Clay revenue of £118.1m declined 8%, reflecting challenging Q1; brick volumes down despite improving trends through Q2 and gains in market share > Ibstock Futures sales reduced to £1.9m (2025: £5.2m) with the closure of Telling and the impact of projects delayed at various Gateways of the Building Safety Act > Headline pricing remained positive, supported by price increase and temporary energy surcharge, partially mitigating lower volumes > Stronger performance in wire cut bricks, while softer RMI activity and weaker demand in the South-East and London continued to impact soft mud brick sales Adjusted EBITDA of £23.4m down 29% (HY 2025: £32.8m) > Margin impacted by management of production and inventory levels along with cost inflation, mitigated by cost savings > Proactive capacity, production and inventory management aligned output to demand but created temporary fixed-cost absorption headwinds, reducing EBITDA by £5m-£6m > Futures net costs increased to £2.5m (HY 2025: £1.5m) as Nostell factory ramps up 6 months ended 30th June (£m) 2026 2025 Total Revenue 119.9 133.5 Adjusted EBITDA 23.4 32.8 Margin 19.5% 24.6% IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Concrete Challenging RMI market persists; rail infrastructure as expected 8 Revenue decreased by £15.6m, down 26% year-on-year (11% on a LFL basis) > HY 2025 includes £9.9m from the disposed Forticrete roofing sites > Challenging residential and RMI markets persisted throughout H1, with flooring products particularly impacted by weak demand and subdued activity > Infrastructure demand provided some support, with rail-related sales improving during the period Adjusted EBITDA of £3.7m (HY 2025: £6.0m), reflecting lower volumes and continued weakness across key end markets > Overall EBITDA margins for the division were 8.3% down 160 bps (2025: 9.9%) > Residential product categories remained challenging reflecting a more competitive backdrop in some parts of the market > Strategic investment in selected manufacturing sites temporarily reduced production capacity as lines were taken offline for upgrades, positioning the business to deliver operational and efficiency benefits in H2 and beyond 6 months ended 30th June (£m) 2026 2025 Total Revenue 44.3 59.9 Adjusted EBITDA 3.7 6.0 Margin 8.3% 9.9% IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Cash flow performance Decline in adjusted free cash flow driven by EBITDA reduction 9 > Working capital outflow increased to £17.3m (H1 2025: £12.4m outflow), reflecting seasonal working capital movements and lower revenues > Other cash flows increased to £9.6m, driven by purchase of carbon credits, increased lease costs as mobile fleet renewed, and lower disposal proceeds than prior year > Capex reduced to £15.2m (H1 2025: £20.9m), reflecting the wind- down of major organic growth investments > Major capital programmes largely complete 6 months ended 30th June (£m) 2026 2025 Adjusted EBITDA 25.7 35.5 Δ in net working capital (17.3) (12.4) Net interest (4.7) (4.6) Tax (1.3) (2.3) Other1 (9.6) (4.9) Adjusted operating cash flow (7.2) 11.3 Capex (15.2) (20.9) Adjusted free cash flow (22.3) (9.6) IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Balance sheet Our balance sheet remains resilient, with net debt at £151m 10 > Leverage of 2.5x at 30 June 2026 (30 June 2025: 1.9x) reflecting reduced earnings and seasonal working capital increase > Net debt and leverage expected to reduce, with leverage towards 2.0 times at the end of 2026, with stronger cash flow generation in H2 (Net debt) / cash Closing net debt of £151.3m as at 30th June 2026 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION (120.0) 25.7 (17.3) (9.6) (4.7) (1.3) (15.2) (5.9) (3.1) 0.1 (151.3) Opening net debt Adjusted EBITDA ∆ working capital Other op cash flows Net interest Tax Capex Dividends Exceptionals Other Closing net debt 0.0 (20.0) (40.0) (60.0) (80.0) (100.0) (120.0) (140.0) (160.0)
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Market drivers & strategic progress Project: Barton Village Product: New Ivanhoe Cream Bricks
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Delivering across our five strategic levers Driving shareholder value creation over the medium term 12IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION Market leadership New emerging segments EfficienciesProduct innovation Strategic options Integrated sustainability strategy
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(9.0%) (7.0%) (3.2%) 3.2% 7.0% 1.0% 0.7% 3.2% (10.0%) (5.0%) 0.0% 5.0% 10.0% Total housing starts Total housing completions RMI Infrastructure UK construction forecasts (CPA Summer 2026 – Jul-26) 2026 2027 13 Core markets update Near–term remains challenging, long-term fundamentals unchanged > Market sentiment has significantly moderated since the start of the year > Geopolitical uncertainty and the evolving UK policy environment impacting consumer confidence > Housebuilder margins remain under pressure from cost inflation and limited house price growth > In the absence of further market stimulus, affordability and consumer confidence remain the principal constraints on near-term residential demand > Long-term market fundamentals remain compelling, underpinned by: • Housing shortages • An ageing housing stock • Social housing demand IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 8.0% 2.0% (1.0%) 3.9% 8.0% 3.0% 3.0% 4.4% (2.0%) 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Total housing starts Total housing completions RMI Infrastructure UK construction forecasts (CPA Winter 2026 – Jan-26) 2026 2027
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14 > Domestic brick deliveries for the first five months of the year were down 8% YoY , with Ibstock’s clay sales volumes being 7% down YoY for the same period > Ibstock’s domestic clay market share increased in this period > Imports remained at 19% of the total market > Disciplined management of network, with manufacturing inventory levels broadly in line with December 2025 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION * Average domestic brick deliveries excluding covid year (2020) 811 577 539 611 562 4% (29%) (7%) 13% (8%) (40%) (30%) (20%) (10%) 0% 10% 20% - 200 400 600 800 1,000 1,200 May-17-22* May-23 May-24 May-25 May-26 YoY% m bricks Domestic brick deliveries - May YTD Brick market update Market remains subdued, offset by share gains 304 561 481 558 554 16% 41% 34% 38% 39% 0% 10% 20% 30% 40% 50% - 100 200 300 400 500 600 Dec-22 Dec-23 Dec-24 Dec-25 May-26 % of domestic market m bricks Inventory levels Inventory (LHS) Inventory % domestic market (RHS)
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15 Maintaining cost discipline through the cycle Leveraging operational flexibility to navigate the market backdrop > Driving efficiencies across the business through disciplined cost management and operational optimisation > Actively reviewing capacity and operational plans 35% 15% 15% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY 2022 FY 2024 FY 2025 FY 2026E Production volumes Active capacity available Inactive capacity IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Market leadership Strengthening customer relationships and expanding share of wallet 16 > Unified offering of high performing clay, concrete and façade products & solutions > Deep, long-standing customer relationships honed over centuries > Nationwide footprint > Industry-leading design, technical & sustainability expertise c.60% c.30% c.10% End market sales* New build housing RMI Infrastructure and other new build IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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51% 16% 11% 9% 13% Energy Transport Health & social care Water Education & justice New growth market sectors An increasingly significant source of long-term value New growth market sectors An increasingly significant source of long-term value Mid to high rise Underlying housing demand & cladding remediation pipeline supports a compelling long-term growth opportunity £718bn 10-year pipeline for new schools, hospitals, prisons, refurbishments etc. Social & affordable housing Additional government support for council housebuilding alongside the £39bn social housing programme 17IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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18IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION A strong early example in Education
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19 > Innovation across clay, concrete and adjacent markets – Atlas: 12 new product lines now in production, including the first from our carbon-neutral range – Gen3 Cable Trough: approved for use across the rail network > Growing customer engagement and specification activity > Nostell: a new platform for façade products & solutions Product innovation Increasingly supporting differentiation and long-term value creation IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 25% revenue from new & more sustainable products* 25% revenue
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Investor visit planned for October 2026 to showcase our progress and innovation 20 Nostell A new platform for growth in façade products & solutions IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION > Operational acceptance testing progressing well > Strong customer response to IBricks® and FastWall® > Growing specification pipeline, supporting confidence in long-term growth
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Efficiencies From investment to performance - unlocking value across the business Efficiencies From investment to performance - unlocking value across the business Process & digital investment Reliability programme Modernising ourasset base 21 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Further strategic optionality Unlocking additional value from our unrivalled land and clay reserves IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 22 18 Active quarries Diversity Of land use with quarry restoration and energy generation >2,700 Acres of land with substantial mineral resource and production assets Three Complementary routes unlocking value c.70m 22 Tonnes of clay reserves c.143m Clay resources
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R&D- Calcined Clay Complementary routes to unlocking long-term value Further work has strengthened our view of the opportunity Complementary routes to unlocking long-term value Further work has strengthened our view of the opportunity Land sales c.£50m over next five years Land based income 23 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Summary & outlook Nostell Factory
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25 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION Colleagues at Eclipse Factory Summary & Outlook > Expected to achieve stronger adjusted EBITDA in H2 than H1; with full- year outturn anticipated around the lower end of current market expectations - reflecting continued near-term market challenges > Net debt and leverage expected to reduce > Disciplined operational management and pricing actions helping mitigate cost inflation > Whilst volatility persists, we will continue to focus on managing capacity, inventory levels and costs and will adapt plans to market conditions > Strong market positions and five strategic levers provide clear routes to long-term value creation 25
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Questions Project: HS2 Colne Valley Product: Bespoke Precast Anderton Concrete
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Appendix Colleagues at Chesterton Factory
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Capital allocation Maintain a balance sheet of 0.5x to 1.5x through the cycle, including the benefit of significant land disposal programme 28 Organic Investment Ordinary Dividends Inorganic Growth Shareholder Returns Driving growth and margin Strategic alignment with attractive ROCE Special dividends or buyback policy creating long-term value Priorities for excess cash targeted cover of circa 2 times underlying earnings IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Ibstock Plc at a glance 29 A leading UK manufacturer of building products and solutions, backed up by design and technical services Key facts 200 Over 200 years of experience 32 Operating UK manufacturing facilities 1,944 Employees across the UK 99% Raw materials sourced in UK 300+ Different brick products No.1 Manufacturer of clay bricks in the UK c.70m Tonnes of clay reserves £372m Revenue in 2025 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Sustainability 30 Progress in 2025 against our ESG 2030 ambitions IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Brick market dynamics Balancing supply and demand 31 UK brick deliveries for FY 25 totalled 1.8bn, down c.28% from level of 2.5bn in 2022 CPA projects a 7.2% decrease for 2026 in all housing completions followed by a 0.5% increase in 2027 Imports in 2025 made up 19% of total brick deliveries Domestic brick production in 2025 of around 1.6 billion - around 17% higher than 2024 levels Industry inventories increased in 2025 by around 16% Overall, industry production in 2025 has been balanced to market demand 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 1.5 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 0.3 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Brick Deliveries (billions of bricks) Domestic Deliveries Imports 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 1.6 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 0.6 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Brick Production and Stock (billions of bricks) Production Stock IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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32 Income statement > Production and inventory management will create a 2026 margin headwind but benefit overall cash generation > c.80% of Group’s energy requirement secured for 2026 > Underlying depreciation expected to total c.£35m > Interest expense to remain at c.£10m > Effective tax rate c.26% Cash > Seasonal operating pattern to drive increased working capital at the half year; working capital to remain stable for the year > Capex between £25-30m as organic growth projects near completion > Cash tax of <£5m Technical guidance FY 2026 Ibstock Colleague at Head Office 32 IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Income statement 33 6 months ended 30th June (£m) 2026 2025 Revenue £164.2m £193.4m Adjusted EBITDA1 £25.7m £35.5m Normal depreciation (£17.1m) (£14.8m) Adjusted profit before interest and tax1 £8.6m £20.7m Cash interest (£4.7m) (£4.6m) Adjusted profit before tax1 £3.9m £16.1m Taxation - at effective rate (£1.0m) (£4.2m) Adjusted profit after tax1 £2.9m £11.9m Basic adjusted EPS1 0.7p 3.0p Exceptional items (£25.6m) (£2.8m) Net debt £151.3m £144.5m Net debt to Adjusted EBITDA (post IFRS-16)2 2.5x 1.9x Total ordinary dividend 0.5p 1.5p IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Adjusted income statement reconciliation 34 6 months ended 30th June 2026 (£m) Adjusted Depreciation and amortisation Exceptional items Non-cash Interest Capitalised interest Statutory Revenue £164.2m - - - - £164.2m Costs (£138.5m) (£22.2m) (£25.6m) - - (£186.3m) EBITDA £25.7m (£22.2m) (£25.6m) - - (£22.1m) Normal depreciation and amortisation (£17.1m) £17.1m - - - - EBIT £8.6m (£5.1m) (£25.6m) - - (£22.1m) Finance (£4.7m) - - - £0.2m (£4.5m) Tax (£1.0m) £1.3m £6.1m (£0.0m) (£0.1m) £6.3m Profit after tax £2.9m (£3.8m) (£19.5m) (£0.0m) £0.2m (£20.3m) EPS (pence per share) 0.7p (1.0p) (5.0p) - - (5.2p) IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Balance sheet 35IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION 6 months ended 30th June 2026 2026 2025 PP&E £427.9m £470.6m Right of Use assets £27.3m £26.1m Intangible fixed assets & Goodwill £62.0m £70.4m Non-current assets £517.2m £567.1m Inventories £142.3m £128.8m Trade and other receivables £55.4m £61.1m Current assets £197.7m £189.9m Total assets £714.9m £757.0m Trade and other payables (£86.4m) (£93.0m) Lease liabilities (£32.8m) (£32.4m) Other liabilities excluding debt & pension (£92.9m) (£103.2m) Net assets excluding debt & pension £502.8m £528.4m Net debt (£151.3m) (£144.5m) Pension £5.2m £7.0m Net assets £356.6m £390.9m
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Cash flow 36 6 months ended 30th June (£m) 2026 2025 Cash generated from operations £2.1m £17.2m Interest paid (£3.7m) (£3.7m) Other interest paid - lease liabilities (£1.0m) (£1.0m) Tax paid (£1.3m) (£2.3m) Net cash flow from operating activities (£4.0m) £10.2m Cash flows from investing activities Purchase of property, plant and equipment (£15.2m) (£20.9m) Proceeds from sale of property plant and equipment £0.8m £2.7m Purchase of intangible assets (£1.4m) £0.0m Interest received £0.0m £0.1m Net cash flow from investing activities (£15.7m) (£18.1m) Cash flows from financing activities Dividends paid (£5.9m) (£9.9m) Drawdown of borrowings £56.0m £61.0m Repayment of borrowings (£36.0m) (£25.0m) Debt issue costs (£0.3m) £0.0m Cash payments for the principal portion of lease liabilities (£5.7m) (£4.9m) Proceeds from issuance of equity shares £0.6m £0.0m Net cash outflow from financing activities £8.6m £21.2m Net (decrease)/increase in cash and cash equivalents (£11.1m) £13.3m Cash and cash equivalents at beginning of the year £21.0m £9.3m Cash and cash equivalents at end of the year £9.9m £22.6m IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION
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Disclaimer 37 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. IBSTOCK - 2026 HALF YEAR RESULTS PRESENTATION