DAVY VIEW

Forterra performed well in 2025, achieving a decent uplift in earnings and making good inroads in debt reduction. Progress in the latter has prompted the initiation of a £20m share buyback programme. However, Forterra has alluded to a slow start to the year, which is no surprise, and currently expects full year adjusted EBITDA to be only slightly ahead of 2025. This would suggest a possible 6-7% cut to the latest consensus adjusted EBITDA forecast for this year.