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2026 Half Year Results Britain’s Brick Specialist Michelmersh Brick Holdings PLC Company registration number: 03462378
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Michelmersh Interim Results 2026 The information contained in this presentation document (the “presentation”, which term includes any information provided verbally in connection with this presentation document) does not constitute an offer or solicitation to hold, sell or invest in any security and should not beconsidered as investment advice or as a sufficient basis on which to make investment decisions. This presentation is being provided to you for information purposesonly. Whilst this presentation has been prepared in good faith, neither Michelmersh Brick Holdings Plc (the “Company”) nor any of its group undertakings nor any of their respective directors, members, advisers, representatives, officers, agent, consultants or employees: (i) makes, or is authorised to make any representation, warranty or undertaking, express or implied, with respect to the information and opinions contained in it or accepts any responsibility or liability as to the accuracy, completeness or reasonableness of such information or opinions; or (ii) accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of or in connection with the information in this presentation. The Company is under no obligation to provide any additional information or to update or revise the information in this presentation or to correct any inaccuracies which may become apparent. This presentation may include certain forward-looking statements, beliefs or opinions. There can be no assurance that any of the results and events contemplated by any forward-looking statements contained in the information can be achieved or will, in fact, occur. No representation is made or any assurance, undertaking or indemnity is given that any such forward looking statements are correct or that they can be achieved. Disclaimer 2 The Denton, Hertfordshire
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Michelmersh Interim Results 2026 Presentation Team Ryan Mahoney Chief Executive Officer Michelmersh strives to be a well-invested, long term, sustainable and environmentally responsible business dedicated to delivering quality products to its long-term customer base. The Group aims to provide training, security and career progression for all of its employees, whilst acting as a responsible corporate citizen and keeping stakeholder value at the forefront of every decision. The Group aims to lead the way in producing Britain’s premium clay products, enhancing the built environment and adding value to the architectural landscape for generations to come. Britain’s Brick Specialist 2025 Multiple Industry Award Nominee 3
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About Michelmersh West Wickham Library, London PUBLIC
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Michelmersh Interim Results 2026 BLOCKLEYS, TELFORD Wirecut Bricks & Clay Pavers Output: 23m bricks FABSPEED, SKELMANTHORPE Prefabrication CARLTON & FABSPEED, BARNSLEY Wirecut Bricks & Prefabrication Output: 36m bricks FLOREN, BRECHT Specification Wirecut Bricks Output: 21m bricks FRESHFIELD LANE, SUSSEX Clamp-Fired Stock Bricks Output: 28m bricks MICHELMERSH & FABSPEED, ROMSEY Hampshire Stock Bricks Output: 6m bricks FABSPEED, HADDENHAM Prefabrication 5 Who we are Over 180 Core range products 6 Market-leading premium brands Over 120+ million Clay bricks & pavers made per year Over 350 Skilled employees 5 plants, 2 facilities Across the UK & EU Four lifetime revenue sources Brick manufacturing Production of premium clay bricks, pavers and special- shaped bricks Prefab brick components & systems Off-site manufactured façade solutions and bespoke products Investment land Strategic land assets that support long- term value creation New acres landfill Landfill operation with historic clay extraction and land remediation. Overview Premium brick and building products manufacturer operating throughout the UK and Benelux regions.
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Michelmersh Interim Results 2026 6 1 PREMIUM PRODUCT A commitment to quality Leading manufacturer of premium bricks, pavers and special- shaped bricks. Invests in innovation and sustainability while maintaining the highest manufacturing and compliance standards. 2 FUNDAMENTAL DEMAND Supportive demand dynamics Markets underpinned by long-term structural demand. A persistent housing shortage, ageing brick-built stock and government focus on housebuilding support demand. 3 DIVERSIFIED END MARKETS The full façade solution A comprehensive façade solution through clay products and prefabricated systems. Serves RMI, housing, commercial, urban regeneration and specification-led projects. 4 DISTRIBUTION Enhanced routes to market More than a century of combined manufacturing heritage. Long-standing customer and distributor relationships underpin a disciplined, resilient distribution model. 5 FINANCIAL STRENGTH Strong balance sheet A robust balance sheet is central to Michelmersh’s strategy. Strong cash generation supports investment in innovation, sustainability and manufacturing efficiency. CAPITAL INVESTMENTS A targeted annual organic capital expenditure programme to enhance efficiency, sustainability and capability. EARNINGS PROGRESSION Building financial and operational resilience through disciplined cost control, market diversification and operational excellence. REGULAR RETURNS TO SHAREHOLDERS A consistent and disciplined annual shareholder returns policy. Key elements of our strategy The Group leverages its premium market presence, resilient earnings, and diverse customer base to generate progressive earnings.
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Michelmersh Interim Results 2026 Capital investments to deliver strategy Focused annual capex programme • Maintaining well invested and efficient manufacturing sites • Maintaining a premium product portfolio and delivery of best-in-class service • Proactive approach to delivery of sustainability initiatives Regular returns to shareholders Disciplined annual shareholder return policy not exceeding annual free cash flow and surplus cash parameters • Recognising the importance of ordinary dividends, linked to adjusted EPS • Share buy back programme funded through available surplus cash Maintain a strong balance sheet Priority to maintain a strong balance sheet to support business plans and cash returns to shareholders • Target of generating free cash flow to support working capital cycle with disciplined use of other surplus cash • Proportional percentage of free cash flow invested annually into sites • Well invested Lifecycle • Excess capital returned to shareholders • High cash conversion of adjusted EBITDA • Enhanced free cash flow 3 2 1 7 Components: Target: Capital allocation framework A balanced capital allocation strategy for earnings progression and returning value to shareholders.
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HY26 Overview Worthing Integrated Care Centre, West Sussex PUBLIC
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Michelmersh Interim Results 2026 9 Resilient financial performance in challenging markets Proactive operational optimisation Disciplined capital allocation and shareholder returns • Production capacity aligned to demand across the network to support efficiency and market discipline • Romsey manufacturing restarted, positioning the Group for improved profitability in H2 • Reorganisation activities completed, simplifying operations and enhancing long-term returns • Revenue down 9.5% against a subdued market backdrop, with volumes outperforming the wider brick market • Strong operational execution delivered a 340bps increase in gross margin and 200bps improvement in EBITDA margin • Robust balance sheet with low net debt, strong liquidity and energy costs largely hedged through FY26 • Investment programme transitioned to normalised capex focused on efficiency and data optimisation • Strong financial position supports continued investment alongside shareholder distributions • Interim dividend maintained, reflecting confidence in the Group's strategy and outlook HY26 Key messages Resilient performance given ongoing market conditions, continued balance sheet strength; trading within full year market expectations1. 1 Company compiled consensus expectations for FY26 Adjusted EBITDA is a range of £12.9m to £14.3m.
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Michelmersh Interim Results 2026 Revenue £32.4m £35.8m Gross Margin 37.0% 33.6% Adjusted Operating Profit £3.9m £4.0m Adjusted EBITDA £6.0m £5.9m Profit Before Tax £2.8m £2.9m Cashflow From Operations £1.6m £3.2m Basic EPS 2.56p 2.47p AdjustedBasic EPS 3.33p 3.30p NAV per share 97.9p 101.3p Woodward Road, Essex 10 HY26 Financial Highlights HY25 comparative
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Britain’s Brick Specialist Michelmersh Interim Results 2026 11 Adjusted HY26 £M Adjusted HY25 £M Change Revenue 32.4 35.8 (9.5%) Gross Profit 12.0 12.0 - Gross Margin 37.0% 33.6% (3.4%) Adjusted central costs (8.1) (8.0) (1.3%) Adjusted operating profit 3.9 4.0 (2.5%) Adjusted EBITDA1 6.0 5.9 1.7% Finance (expense)/income (0.3) (0.1) (200.0%) Adjusted profit before tax 3.6 3.9 (7.7%) Adjusted basic earnings per share 3.33 3.30p 0.9% The Directors believe that adjusted measures provide a more useful comparison of business trends and performance. Adjusted results exclude exceptional items and the amortisation of acquired intangibles. The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. 1 EBITDA is defined as earnings before interest, tax, depreciation and amortisation Copper Bottom, Oxfordshire Income statement Resilient, adaptable and flexible performance in first half of 2026
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Britain’s Brick Specialist Michelmersh Interim Results 2026 The Denton, Hertfordshire * Included within tangible fixed assets are land and buildings used in operations with a carrying value of £48.8m HY26 £M HY25 £M Intangible Fixed Assets 20.5 21.9 Tangible Fixed Assets* 71.2 72.6 Net Working Capital 21.6 16.7 Net (Debt)/Cash (5.0) 1.5 Lease Liability (2.5) (2.7) Deferred Tax (16.0) (16.3) Net Assets 89.8 93.7 NAV Per Share 97.9p 101.3p 12 Balance Sheet Strong balance sheet position underpins financial resilience and capital allocation flexibility
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Michelmersh Interim Results 2026 13 HY26 £M HY25 £M Net Cash Generated from Operations 1.6 3.2 Tax Paid (0.6) (0.9) Interest Paid (0.3) (0.1) Purchase Of Property, Plant & Equipment (1.5) (3.8) Exceptional Costs (0.1) (0.3) Shareplan purchase (0.8) (0.2) Purchase Of Own Shares - (0.3) Lease Payments (0.5) (0.5) Proceeds from Sale of Land 0.1 - Proceeds of loan drawdown 4.0 - Dividend Paid (1.8) (1.5) Other (0.3) (0.1) Net (Decrease)/ Increase In Cash & Cash Equivalents (0.2) (4.5) Net (Debt)/Cash (5.0) 1.5 Tileyard North, Yorkshire Cash Flow Delivering sustainable operational cash, underpinning our liquidity position
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Market Outlook Private House, West Sussex RESIDENTIAL
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Michelmersh Interim Results 2026 +25% contraction in construction sector activity since 2022 (Source: ONS) Fundamental market drivers remain encouraging Brick Production (millions) Inventory Movement (millions) 15 UK Brick Manufacturing – Current Trends Noele Gordon House, London • June 2026 UK brick industry stocks increased year on year by ~65m to ~550m reflecting the increase in production moving ahead of demand from Sept 25 onwards • Indicative signs in Q226 that production capacity has been adjusted to better align to current market demand levels • Construction activity remains +25% below FY22 levels • Imported brick volumes continued with a broadly consistent share of the UK brick market at c. 18% (FY25: c. 19%) across the period to date to the end of June • European brick imports remain an important element of the fabric of brick consumption in the UK • European brick makers continue to see the UK as an essential market for export • Belgium estimates that ~60% of production is produced to export, with the UK ~50% of this production -15 5 25 45 65 85 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Production, Deliveries and Stock Movement June 26 vs June 25 (BIS) Cum Stk Mvt June 25 to June 26 Prod. 12 months rolling June 26 Del. 12 months rolling June 26 Prod. 12 months rolling June 25 Del. 12 months rolling June 25
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Michelmersh Interim Results 2026 Source: Published statistics and management estimates UK Manufactured brick – 2026 Estimated MarketShare FORTERRA 30% IBSTOCK 40% WIENERBERGER 21% MICHELMERSH 7% OTHERS 2% UK brick works (normalised) 2026 Market Structure 15 10 8 4 9 16 UK brick consumption • Full market - HY26 c. 0.8 Billion - FY25 c. 1.8 Billion (FY22 2.5 Billion) • UK manufactured - HY26 c. 0.7 Billion - FY25 c. 1.5 Billion, balance of c. 0.3 Billion from imports (FY22 1.95 Billion) Michelmersh ASP at a premium to the market UK brick manufacturing highly concentrated +25% contraction in UK brick consumption since 2022, but with Michelmersh growing market share in challenging markets Master Chef Studios. Birmingham
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Michelmersh Interim Results 2026 17 Supportive UK Housing Dynamics The Group benefits from an attractive market with supportive structural demand dynamics, UK government policy focused on increasing housebuilding above historic norms and bricks being the RMI market’s material of choice • UK Government committed to reversing the long decline in housing formations with target of 300k new homes per annum ahead of 2029 • Government is focused on improvements to the overall planning process and reducing the barriers and red tape to planning approvals • Stated commitment to quality Social Housing schemes • Significant legacy and ageing housing inventory constructed with brick facades underpinning future RMI demand • Brick is a favourable material of choice for high rise cladding remedial work and specification projects • More stabile demand for infrastructure and communal schemes • Critical shortage of new residential and social housing from long-term underbuilding • Inflation remains ahead of BoE target but with medium term outlook expected to stabilise with clear focus on cost of living • Good mortgage availability but interest rates reductions are required and would add greater support for consumer sentiment • UK Population expected to continue to grow over the medium term Government Policy Priority Repair, Maintenance & Improvement Supportive Medium Term Demand Dynamics Kingswood Medical Centre, North Yorkshire
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Private Home, Kent RESIDENTIALSummary & Outlook
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Michelmersh Interim Results 2026 19 Summary: Outlook: • Resilient performance despite continued weak end markets • Flexible operations and disciplined cost control supporting margins • Strong order intake and diversified end-market exposure underpin market outperformance • Improving momentum in Belgium and opportunities to grow in the Netherlands • Strong balance sheet provides financial resilience and flexibility • Trading remains within the full-year market expectations 1 • Targeting stronger H2 margins, earnings and cash generation • UK demand remains difficult to forecast despite healthy order intake • Well positioned to benefit from any market recovery, supported by a strong order book and premium portfolio • Long-term fundamentals remain attractive, although near-term macroeconomic uncertainty persists Summary & Outlook 1 Company compiled consensus expectations for FY26 Adjusted EBITDA is a range of £12.9m to £14.3m.
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Michelmersh Interim Results 2026 Strong Core Markets Broad product portfolio deliberately targeting a diverse range of end customers Repair Maintenance and Improvement (“RMI”), Housing, Commercial, Urban Regeneration, Specification Strong Industry Relationships Collaborative distribution model underpinned by length and depth of relationships with loyal customer base Targeted order intake through robust distribution model Premium Product Portfolio Focus on core competencies and delivering the highest quality brick, paver , prefabricated building components 180 products, diverse end markets 20 Why invest? Commercial strategy drives resilience with significant strength in the premium end of the brick market in UK & Belgium
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Appendix Haymarket Yards, Edinburgh PUBLIC
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Michelmersh Interim Results 2026 22 NEW BUILD HOUSING REPAIR, MAINTENANCE & IMPROVEMENTS COMMERCIAL & INFRASTRUCTURE Our markets Broad and varied range
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Michelmersh Interim Results 2026 Clamp Fire Stock Traditional brick-making method operated from Freshfield Lane Structure is made by hand with dry bricks, with fuel at the base, enabling the bricks to ignite fully First Quality Multi brick used for Kingston University Town House, winner of the 2021 Stirling Prize for Architecture Wirecut Mixture is fed through a die and then cut into brick pieces using wires Texture can be customised by interchanging dies during extrusion process Hampshire Stock Michelmersh produce the only genuine Hampshire stock facing brick Made from the special Reading bed clay seam, which produces colours from warm oranges to dark purples Bricology Brick habitats designed to protect native British species Can be installed on new builds and retrofitted to older projects 110+ different types of bricks with a diverse portfolio of other products offered A Diversified Clay Offering With bricks, paving and pre-fabricated products Pre-Fabricated Products Prefab ArchesPrefab Chimneys Prefab Arches Brick Brick Cladding Precast ProSteel Paving Products 65mm Square Edge Pavers 65mm Hadley Brindle Chamfered Pavers 23
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Michelmersh Interim Results 2026 Sustainability The Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate change, environmental degradation, peace and justice. Michelmersh realises the importance of these goals and has set progressive targets against 13 relative aims for positive change to reshape our future. Shaping Genuine Sustainability 24
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Michelmersh Interim Results 2026 Governance Framework 25 COMMITTEES NOMINATION COMMITTEE AUDIT COMMITTEE RENUMERATION COMMITTEE EXECUTIVE COMMITTEE FINANCE DIRECTOR HR DIRECTOR TECHNICAL DIRECTOR IT DIRECTOR SOUTHERN COMMERICAL DIRECTOR NORTHERN COMMERICAL DIRECTOR GROUP OPERATIONS DIRECTOR INNOVATION & SUSTAINABILITY DIRECTOR THE BOARD EXECUTIVE DIRECTOR INDEPENDENT NON-EXECUTIVE DIRECTORS RYAN MAHONEY CEO TONY MORRIS CHAIR PAULA HAY-PLUMB SENIOR INDEPENDENT DIRECTOR DARREN WATERS NON-EXECUTIVE DIRECTOR THE SHAREHOLDERS
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Michelmersh Interim Results 2026 Why Use Brick? Clay bricks are highly regarded in the construction industry for their durability, strength, fire resistance, thermal performance, and acoustic insulation. They offer design flexibility, with a range of colours and textures, and contribute to sustainable building practices. Clay bricks are valued for their longevity, structural integrity, and ability to regulate indoor temperatures to aid in the homeowner reducing energy consumption. Additionally, their local availability and recyclability make them an environmentally friendly choice. Overall, the construction industry appreciates clay bricks for their reliability, aesthetic appeal, and contribution to safe, energy-efficient, and sustainable construction projects. Recycled Content Overheating Air Quality Durability Adaptability Recycled Content Carbon Emissions Climate Resilience Low Cost & Strong Value Non-combustible Aesthetic Options Longevity Reusable Thermal Performance Locally Sourced 26
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Michelmersh Interim Results 2026 IMAGE & PROJECT CREDITS 27 Skinner Street: Leach Rhodes Walker Architects, Photos by Mark Higgins Hartdene Barns: Nissen Richards Studio, Photos by Mark Higgins West Wickham Library: Brimelow McSweeney Architects, Photos by Kate Darkins Worthing Integrated Care Centre: Architecture PLB, Photos by Mark Higgins King Street, Manchester: BDP Architecture, Photos by Mark Higgins Heron House: Open Design Studio, photos by Sam Berni Cobham House: Phillips Tracey Architects, Photos by Henry Woide Millwood Designer Homes: Junnell Residential, Photos by Mark Higgins St Leonardis School: Joris Gijsenberg Architects Wildernesse House: Phillips Tracey Archtitects, Photos by Henry Woide Haymarket Yards: MLA Architects, Photos by Mark Higgins Copper Bottom: Adrian James Architects, Photos by Fisher Studios Woodward Road: Morris+Company, Photos by Beccy Lane