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1. General information
Forterra plc (Forterra or the Company) and its subsidiaries (together referred to as the Group) are domiciled
in the United Kingdom. The address of the registered office of the Company and its subsidiaries is 5 Grange
Park Court, Roman Way, Northampton, NN4 5EA. The Company is the parent of Forterra Holdings Limited
and Forterra Building Products Limited, which together comprise the Group. The principal activity of the
Group is the manufacture and sale of bricks, dense and lightweight blocks, precast concrete, concrete
block paving and other complementary building products.
Forterra plc was incorporated on 21 January 2016 for the purpose of listing the Group on the London Stock
Exchange. Forterra plc acquired the shares of Forterra Building Products Limited on 20 April 2016, which to
that date held the Group\u2019s trade and assets, before admission to the main market of the London Stock
Exchange.
The Consolidated Financial Statements of the Group for the year ended 31 December 2025 were approved
for issue by the Board of Directors on 10 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Forterra plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "5 Grange Park Court, Roman Way, Northampton, NN4 5EA", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "The principal activity of the Group is the manufacture and sale of bricks, dense and lightweight blocks, precast concrete, concrete block paving and other complementary building products. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Forterra plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "
2. Summary of material accounting policies
(A) BASIS OF PREPARATION
The accounting policies used in the preparation of the Consolidated Financial Statements of the Group are
set out below. These accounting policies have been used consistently in all material respects across the
periods presented. The Consolidated Financial Statements have been prepared in accordance with UK-
adopted international accounting standards. The Consolidated Financial Statements are presented in
pounds sterling and all values are rounded to the nearest hundred thousand unless otherwise indicated.
In preparing the Consolidated Financial Statements management has considered the impact of climate
change, taking into account the relevant disclosures in the Strategic Report, including those made in
accordance with the recommendations of the Task Force on Climate-related Financial Disclosure.
The Group has engaged in a detailed review of expected climate change impacts on the business and its
assets and liabilities to establish any adjustments required and what reporting is necessary in its
Consolidated Financial Statements for the year ended 31 December 2025. The explanation below of how
this has been included in the Consolidated Financial Statements should be read in conjunction with the
climate-related risk and governance section on pages 49 to 51 of the Sustainability Report within this Annual
Report and Accounts. This process has been completed to ensure material accuracy of the financial
reporting and that disclosure of relevant information complies with the requirements of IAS 1. The process
has involved a review of reporting segments and each element of the Group\u2019s commitment to reach net zero
by 2050, to identify if any of these items are expected to be materially impacted in a negative or positive way
by weather, legislative, societal or revenue/cost changes.
The conclusion of the review was that, while there will undoubtedly be impacts on the Group, the 100% UK-
focused nature of the operations of the business significantly reduces the risk profile of the Group to impacts
from weather-related changes. The changes necessary to achieve net zero will not have a materially adverse
impact on the cash flows of the Group and indeed, warmer climates may present some opportunities as
disclosed on page 51 of the Sustainability Report within this Annual Report and Accounts. Societal and
legislative impacts are not considered to have a material impact on any one segment such that we need to
break out reporting in a different way to previous years. Judgements are not considered to be significant,
although clearly understanding of climate change is developing with time. Management review has
concluded that there is no material impact for inclusion within modelling scenarios for viability purposes and
given the profitability and short payback period of the cash generating units (CGU), no issues were identified
that would impact the carrying values of such tangible and intangible assets. Given the cash generation and
facilities available, no significant issues were identified that would impact viability over the forecast period
and therefore no further disclosure is required.
The preparation of the Consolidated Financial Statements in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement and complexity,
or areas where assumptions and estimates are significant to the Consolidated Financial Statements, are
disclosed in note 3.
(B) GOING CONCERN
The Group\u2019s credit facility comprises a committed revolving credit facility (RCF) of \u00a3170m extending to June
2028, which was extended following the exercise of a 17-month extension option during 2025. At the
balance sheet date, borrowings against the facility totalled \u00a362m with \u00a3108m of headroom remaining. The
cash balance stood at \u00a36.1m with reported net debt before leases of \u00a355.7m (2024: \u00a384.9m) (net debt is
presented inclusive of capitalised arrangement fees). The Group also benefits from an uncommitted
overdraft facility of \u00a310m which was undrawn at the year-end.
The Group meets its working capital requirements through these cash reserves and facilities, and closely
manages working capital to ensure sufficient daily liquidity and prepares financial forecasts under various
scenarios to ensure sufficient liquidity over the medium-term. Management maintains strong relationships
with the Group\u2019s lenders and advisors, and remains confident in the Group\u2019s ability to continue to access
the financing it requires.
The facility is subject to covenant restrictions of leverage (net debt/adjusted EBITDA) (as measured before
leases) of less than three times and interest cover of greater than four times. The covenants are subject to
testing on a half yearly basis. The Group has comfortably traded within its covenants throughout 2025 and
anticipates remaining within these throughout 2026.
Management have modelled two financial scenarios for the 18-month period to 30 June 2027, comprising a
base case and a plausible downside scenario, reflecting both macroeconomic and industry-specific
projections. In addition to this, a reverse stress test has also been modelled.
Assumptions underpinning these scenarios are outlined as follows:
\u2022 The base case scenario is aligned to our current demand expectations, with 2026 sales volumes
expected to be similar to 2025;
\u2022 Management continues to align production to anticipated sales, minimising inventory growth. In addition,
capital expenditure continues to reduce from prior years, with the Group\u2019s spend on strategic projects
largely complete, increasing free cash flows;
\u2022 With leverage now returned to normalised levels, and reflective of our lower capital expenditure
requirements going forward, the Board's intention to commence the return of surplus capital to
shareholders with a \u00a320m share buyback programme has been included; and
\u2022 The Group\u2019s plausible downside scenario takes into account the lowest levels of market demand seen
across our products since 2022. Product dependent, this ranges up to 40% below the levels last seen in
2022. 2022 is considered to be representative of a normalised market for the Group and as such is seen
as a reasonable benchmark for scenario modelling. It is not considered plausible that demand could fall
further than the assumptions detailed within the downside scenario laid out below.
Management
Scenario
Sales volume assumptions
mitigations
Base
Sales volumes remain between 12% and 25% below 2022. Volumes
None necessary
improve in 2027 but remain up to 22% below 2022
Plausible Product dependent, volumes return to their lowest level since 2022, which is Proposed share
downside a reduction of between 23% and 38% relative to 2022. Volumes begin to buyback
recover in 2027 but remain up to 36% below 2022 programme is
paused
Under both of the above scenarios, there is no breach in covenants throughout 2026 and in the period up to
30 June 2027.
In addition to the scenarios, the Group has prepared a reverse stress test to determine the level of market
decline that could potentially breach covenants, before further mitigating actions are taken. The reverse
stress test indicated, that should volumes fall by a further 16% from the plausible downside, the Group
would be at risk of breaching its covenants. This is viewed by the Board to be a highly unlikely scenario. The
Board remains confident in the Group's ability to benefit significantly as markets recover and its strategic
investments generate returns.
Further to this, in the event of sales volumes falling in line with those modelled in the reverse stress test, the
Group would seek to enact further mitigating actions including additional cost savings, production
reductions, curtailment in the quantum of dividend distributions and the sale of surplus land and buildings.
Taking the above into consideration, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the going concern period to 30 June 2027. The
Group therefore adopts the going concern basis in preparing these Consolidated Financial Statements.
(C) NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS
The accounting policies adopted in the preparation of these Consolidated Financial Statements are
consistent with those followed in the preparation of the Consolidated Financial Statements for the year
ended 31 December 2024, except for the adoption of new standards effective as at 1 January 2025.
The following new standards and amendments apply for the first time in 2025, none of which had a material
impact on the Consolidated Financial Statements:
\u2022 Amendments to IAS 21, Lack of Exchangeability, amendments to IAS 21, The Effects of Changes in
Foreign Exchange Rates.
Amendments to IFRS 9 and IFRS 7 will become mandatory from 1 January 2026. Management are currently
assessing the impact of these amendments.
Contracts referencing nature-dependent electricity \u2013 As part of this amendment the Group will present
additional disclosures in relation to its solar PPA contract, following changes to requirements for financial
contracts whose pricing or settlement terms depend on nature-dependent electricity. The PPA contract will
continue to meet the requirements for the own use exemption under IFRS 9 and be accounted for as an
executory contract, in line with treatment for the period ended 31 December 2025.
Classification and measurement of financial instruments \u2013 The impact of changes within this narrow scope
amendment in relation to the recognition and derecognition of financial assets and liabilities involving an
electronic payment system are being assessed for the Group. It is anticipated the Group will apply a
modified retrospective approach in adopting these amendments.
IFRS 18 will become mandatory from 1 January 2027. Management are currently assessing the impact
of this new standard for the Group.
Other than the amendments to IFRS 9 and IFRS 7 and the introduction of IFRS 18, at the date of approval
of these Consolidated Financial Statements there were a number of standards, amendments and
interpretations that have been published and are effective for accounting periods beginning on or after
1 January 2026. These have not been applied in these Consolidated Financial Statements and are not
expected to have a material impact when adopted. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
(D) BASIS OF CONSOLIDATION The Group controls an entity when it is exposed to, or has rights to, variable returns and has the ability to affect those returns through its power over the entity. A subsidiary is an entity over which the Group has control. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intra-Group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. (E) FOREIGN CURRENCY TRANSLATION The presentational currency of the Group is pounds sterling; the currency of the primary economic environment in which the Group operates. Foreign currency transactions are translated into the presentational currency using the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, or from the translation of monetary assets and liabilities denominated in foreign currencies at period end, are recognised in the Group\u2019s Consolidated Statement of Total Comprehensive Income. (F) REVENUE Revenue is measured at the fair value of the consideration received or receivable, and represents amounts for goods supplied, net of rebates, discounts, returns and value added taxes. The Group recognises revenue when performance obligations are met, as follows: \u2022 Bricks and Blocks \u2013 on delivery of goods. \u2022 Bespoke Products \u2013 on delivery of goods, or, for supply and fit contracts, on delivery and installation. Delivery and installation are construed as two separate performance obligations, however, the pattern of installation is in a manner that the obligation is satisfied at the same time as the delivery of products, thus there is no time lag between the two performance obligations and hence revenue is recognised on installation. \u2022 Bill and hold arrangements, for both reporting segments \u2013 when the customer obtains control of the goods, which arises when facts and circumstances indicate that control has passed and when all of the following criteria are met: (i) the reason for the arrangement is substantive; (ii) the product has been identified separately as belonging to the customer; (iii) the product is ready for delivery in accordance with the terms of the arrangement; and (iv) the Group does not have the ability to use the product or sell the product to another customer. The Group offers volume-based rebates to certain customers, typically on an annual basis. Revenue is recognised net of rebates paid or accrued. In total \u00a323.1m (2024: \u00a322.1m) has been deducted from revenue in relation to rebates in the year. (G) SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting to the Executive Committee which has been identified as the chief operating decision maker.
(H) PROPERTY, PLANT AND EQUIPMENT
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment
losses. Cost includes the original purchase price of the asset, costs attributable to bringing the asset to
working condition for intended use, the initial estimate of any decommissioning obligation and associated
changes to those estimates. When components of an item of property, plant and equipment have different
useful lives, those components are accounted for as separate assets. Subsequent costs are included in the
asset\u2019s carrying value where they meet the recognition criteria.
Assets are derecognised on disposal. Gains and losses on disposal are determined by comparing the
proceeds with the carrying amount of an asset and are recognised in the Consolidated Statement of Total
Comprehensive Income. Where estimated future economic benefit falls below the carrying value of an asset
or group of assets, the asset is impaired.
Assets under construction are not depreciated until they are ready for use. For the other categories of
property, plant and equipment, depreciation is charged to either cost of sales, distribution or administrative
expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over
the estimated useful life of the asset. The estimated useful lives of assets are as follows:
\u2022 Buildings: up to 50 years
\u2022 Plant and machinery: 2 to 40 years
Asset residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying
amount of an asset is written down if it is in excess of its recoverable amount.
Repairs and maintenance expenses do not meet the recognition criteria and are recognised as an expense
in the Consolidated Statement of Total Comprehensive Income.
(I) INTANGIBLE ASSETS
(I) Brand
Intangible assets relating to brands are not amortised as all held by the Group have an indefinite useful life,
but are tested annually for impairment or more frequently if events or changes in circumstances indicate
a potential impairment.
(II) Carbon credits
Purchased carbon credits are recorded at cost within intangible assets. The asset is surrendered at the end
of the compliance period reflecting the consumption of the economic benefit and is recorded as being
utilised. As a result, no amortisation is booked but an impairment charge may be recognised. Further details
of the Group\u2019s policy in accounting for carbon credits are disclosed under section (U) of this note.
(III) Other intangible assets
Other intangibles consist of clay rights, acquired merchant relationships and software development costs.
These are attributable to both reportable segments. All other intangible assets have finite lives and are
carried at cost less accumulated amortisation. Amortisation for all intangible assets, including those internally
generated, is charged to administrative expenses within the Consolidated Statement of Total Comprehensive
Income on a straight-line basis over the estimated useful lives of the assets.
\u2022 Software: up to 7 years
\u2022 Clay rights: up to 12 years
\u2022 Merchant relationships: up to 8 years
(IV) Impairment of tangible and intangible assets The Group continues to evaluate tangible and intangible assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Judgements have remained consistent with prior periods. The recoverable amount is defined as the higher of fair value less costs to sell and value in use, which in turn is the present value of the future cash flows expected to be derived from the asset. Management apply a three-level hierarchy of valuation inputs, prioritising observable market evidence where available, only using specific assumptions when higher-level inputs are unavailable. Management sensitises value-in-use models to assess the level of sensitivity to each assumption. Within each model, accounting for reasonably possible changes in assumptions such as a 1% increase in discount rate, decrease in long-term growth rates, or a 10% fall in annual EBITDA does not eliminate headroom. (V) Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility to complete the development so that the asset will be available for use or sale; \u2022 Its intention to complete and its ability and intention to use or sell the asset; \u2022 That the asset will generate future economic benefits; \u2022 The availability of resources to complete the asset; and \u2022 The ability to reliably measure development expenditure. (J) LEASES The Group leases various premises, land, fleet vehicles, motor vehicles and plant and equipment. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Lease terms are typically made for the following fixed periods: \u2022 Land and property: up to 60 years \u2022 Fleet vehicles, motor vehicles and plant and machinery: 2 to 7 years Lease assets are recognised as a right-of-use asset, with a corresponding liability also recognised at the date at which the leased asset is available for use by the Group. (I) Lease liabilities Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities for the Group include the net present value of fixed lease payments due over the lease term. The Group remeasures lease liabilities if there is a change in the cash flows resulting in a change in index or rate used to determine lease payments. Lease payments are discounted using the interest rate implicit in the lease if readily available. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Payments made in relation to lease interest charges are presented within interest paid within cash flows from operating activities in the Consolidated Statement of Cash Flows. Principal lease repayments made are recognised within cash flows from financing activities. (II) Right-of-use assets Right-of-use assets for the Group are measured at cost. This is determined as the initial measurement of the lease liability and the balance of any lease payments made at or before the commencement date. Right-of- use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. The useful life of right-of-use assets are as follows: \u2022 Land and buildings: 8 to 14 years \u2022 Plant, fleet and motor vehicles: 2 to 7 years (III) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low-value. Low-value assets comprise of tools, IT equipment and small items of office equipment. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the Consolidated Statement of Total Comprehensive Income and presented within cash flows from operating activities within the Consolidated Statement of Cash Flows. (K) FINANCIAL INSTRUMENTS The Group determines the classification of financial assets and financial liabilities at initial recognition. The principal financial assets and liabilities of the Group are as follows: (I) Trade and other receivables (excluding prepayments) Trade and other receivables are initially stated at fair value and subsequently measured at amortised cost. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. All trade receivables are expected to be settled in one year or less. Trade and other receivables are reported net of an allowance for expected credit losses. Losses are calculated by reviewing lifetime expected credit losses using historic and forward-looking data on credit risk. Expected loss allowances are recorded in a separate provision account with the loss being recognised within administrative expenses in the Consolidated Statement of Total Comprehensive Income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. (II) Trade and other payables (excluding statutory non-financial liabilities) Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method. (III) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits. Short-term deposits are those deposits with a maturity of three months or less, held for the purpose of meeting short-term cash commitments, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. (IV) Loans and borrowings Loans and borrowings are initially recognised at fair value, net of attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income and finance expense. Borrowing costs incurred by the Group which are directly attributable to the construction of a qualifying asset are capitalised as part of the asset, until the point at which the qualifying asset is determined substantially complete. Strategic projects with an expected timeline to completion of greater than one year are considered qualifying assets by the Group. Interest capitalised is determined either by way of interest incurred on specific borrowings entered in respect of qualifying assets, or through the determination of a capitalisation rate which is based on the interest on general borrowings of the Group, being the Group's Revolving Credit Facility, which is then applied to expenditure on qualifying assets. In the current period to 31 December 2025, the Group capitalised interest of \u00a32.5m in respect of qualifying assets (2024: \u00a32.1m). (V) Derivative financial instruments (excluding those designated as cash flow hedges) The Group uses derivative financial instruments, in particular forward foreign exchange contracts and options, to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The energy costs of the Group are closely managed to ensure the impact of fluctuating energy prices is minimised. As such, forward contractual commitments are in place for both gas and electricity. Under normal circumstances, the Group takes delivery of all energy purchased under each contract, meeting the requirements under IFRS 9 Financial Instruments of the own use exemption. These are then accounted for as executory contracts through the Consolidated Statement of Total Comprehensive Income in line with consumption. If, due to unforeseen circumstances, the Directors do not at the balance sheet date expect to take delivery of all volumes committed for future periods, thus necessitating excess volumes to be sold back to the market, any open contracts for which this applies are valued at their fair value with any gain or loss recognised in the income statement for the period then ended. (VI) Cash flow hedges When a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The amounts accumulated in Other Comprehensive Income are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. For any other cash flow hedges, the amount accumulated in Other Comprehensive Income is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. (L) ASSETS HELD FOR SALE The Group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sales transaction rather than continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying value and fair value less costs to sell. In order to be classified as such, the sale of the asset must be highly probable, and available for immediate sale in its present condition. The Group must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Assets classified as held for sale are presented separately as current items in the Consolidated Balance Sheet and are not depreciated or amortised once classified as such. In the current year, management considers the associated assets held at its Cradley and Somercotes sites to meet the classification of held for sale. (M) INVENTORIES Inventories are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less any costs expected to be incurred in sale. The Group applies an inventory provision for damaged, obsolete, excess and slow-moving inventory. Raw materials are measured at the weighted average cost. This method perpetually applies a cost weighting to obtain an average cost of purchased inventory and inventory on hand in proportion to quantity. Finished goods are measured at standard cost. Cost comprises: direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of a normalised operating capacity. (N) PROVISIONS Provisions are recognised in the Consolidated Balance Sheet when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle that obligation and the amount can be reliably measured. If the effect is material, the provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The change in provisions due to passage of time is recognised as a net finance expense. Provisions for rebates are included within accrued liabilities and other payables. Provisions are not made for future operating losses. Provisions for restructuring costs, product liability, legal claims and carbon emissions obligations are all made based on the best estimate of the likely committed cash outflow, using relevant information available at the reporting date. Management engages third-party valuation experts, as appropriate, when material and complex estimates are required. (O) SHARE CAPITAL Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from the proceeds. (P) NET FINANCE EXPENSE (I) Finance expense Finance expense comprises interest payable on borrowings from external and related parties, direct issue costs, interest paid on lease liabilities and unwinding of discount on long-term provisions. Finance expense is recognised in the Consolidated Statement of Total Comprehensive Income as it accrues using the effective interest method. (II) Finance income Finance income comprises interest receivable on funds invested. (Q) CURRENT AND DEFERRED INCOME TAX Income tax for the periods presented comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Total Comprehensive Income, unless it relates to items recognised directly in equity. The current income tax charge is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. (R) EMPLOYEE BENEFITS The Group operates a defined contribution pension plan under which the Group pays fixed contributions. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense. (S) SHARE-BASED PAYMENTS The Group operates a number of equity-settled share-based compensation plans. The fair value of the employee services received in exchange for the grant of shares or options is recognised as an expense over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of shares or options granted. At each balance sheet date the Group revises its estimates of the number of shares or options that are expected to vest and recognises the impact of the revision on original estimates, if any, in the Consolidated Statement of Total Comprehensive Income, with a corresponding adjustment to equity. (T) OWN SHARES HELD BY EMPLOYEE BENEFIT TRUST The Group has established two separate employee benefit trusts for the purposes of satisfying awards under the Group\u2019s share-based incentive schemes. Shares in the Group acquired by the Trusts are deducted from equity until shares are cancelled, reissued or disposed. (U) ACCOUNTING FOR CARBON CREDITS The Group\u2019s factories operate under the UK (Emission Trading Scheme) carbon pricing system. Purchased carbon credits are recorded at cost within intangible assets. A liability is recognised based on the level of emissions recorded in the relevant compliance period. Up to the level of allowances held, the liability is measured at the cost of purchase. Where the liability to surrender carbon credits exceeds the carbon allowances held, the provision is recognised for the shortfall measured at the prevailing market price and remeasured at the reporting date. Subsequent movements in the provision are recognised in the Statement of Total Comprehensive Income. Due to the nature of carbon credits purchases being to satisfy obligations incurred through the Group\u2019s operations, the purchase and settlement of carbon credits are included in cash flows from operating activities within the Consolidated Statement of Cash Flows. (V) GOVERNMENT GRANTS Government grants (including research and development credits) are recognised within the income statement on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Grants are presented as part of the income statement and are deducted in reporting the related expense. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised within the income statement in the period in which they become receivable. Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. (W) ALTERNATIVE PERFORMANCE MEASURES In order to provide the most transparent understanding of the Group\u2019s performance, the Group uses alternative performance measures (APMs) which are not defined or specified under IFRS and may not be comparable with similarly titled measures used by other companies. The Group believes that its APMs provide additional helpful information on how the trading performance of the business is reported and internally assessed by management and the Board. Management and the Board use several profit and non-profit-related APMs in assessing Group performance and profitability. These \u2018adjusted results\u2019 are presented before both adjusting and exceptional items as outlined below. A full reconciliation for each APM from adjusted through to statutory results is shown in note 31. (I) Exceptional items The Group presents as exceptional items on the face of the Consolidated Statement of Total Comprehensive Income, those material items of income and expense, which, because of the nature and expected infrequency of the events giving rise to them, merit separate presentation to allow shareholders to understand better elements of financial performance in the period.
In the current year, management considers restructuring costs incurred as a result of site closures to meet
this definition. Restructuring costs were inclusive of impairments to asset values, site clearance and
termination costs. In the prior year, restructuring costs in relation to market decline, and aborted transaction
costs were determined by management to meet this definition.
Exceptional items are further detailed in note 8.
(II) Adjusting items
Adjusting items are disclosed separately in the Annual Report and Accounts where management believes it
is necessary to show an alternative measure of performance in presenting the financial results of the Group.
The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used
by other companies. In the current year, management has presented the below as adjusting items:
\u2022 The realised gain recognised within the Statement of Total Comprehensive Income for the sale of excess
energy in 2025, where committed volume exceeded actual consumption by the Group, totalling \u00a31.2m;
and
\u2022 The fair value of forward energy contracts held where committed future volume is expected by
management, as at 31 December 2025, to exceed total consumption by the Group. For these future
contracts, the Group can no longer apply the own use exemption under IFRS 9 and instead recognises
these as derivatives held at fair value on the balance sheet at 31 December 2025. The impact of this fair
value treatment, being a charge of \u00a37.2m in Statement of Total Comprehensive Income for the statutory
versus adjusted results, has been presented as an adjusting item for the year ended 31 December 2025.
Further details around future forward energy contracts classified as derivative financial instruments can be
found in note 23.
The Group has historically presented APMs as a measure of before exceptional items. Due to the inclusion
of adjusting items since 2023, management has moved to present APMs which are calculated before both
exceptional and adjusting items. The Group no longer uses APMs which consider only exceptional items and
the Consolidated Financial Statements have been presented to align with this. Management believes this
presents a consistent view of performance which is in line with that reviewed internally and our banking
covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "(A) BASIS OF PREPARATION The accounting policies used in the preparation of the Consolidated Financial Statements of the Group are set out below. These accounting policies have been used consistently in all material respects across the periods presented. The Consolidated Financial Statements have been prepared in accordance with UK- adopted international accounting standards. The Consolidated Financial Statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand unless otherwise indicated. In preparing the Consolidated Financial Statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure. The Group has engaged in a detailed review of expected climate change impacts on the business and its assets and liabilities to establish any adjustments required and what reporting is necessary in its Consolidated Financial Statements for the year ended 31 December 2025. The explanation below of how this has been included in the Consolidated Financial Statements should be read in conjunction with the climate-related risk and governance section on pages 49 to 51 of the Sustainability Report within this Annual Report and Accounts. This process has been completed to ensure material accuracy of the financial reporting and that disclosure of relevant information complies with the requirements of IAS 1. The process has involved a review of reporting segments and each element of the Group\u2019s commitment to reach net zero by 2050, to identify if any of these items are expected to be materially impacted in a negative or positive way by weather, legislative, societal or revenue/cost changes. The conclusion of the review was that, while there will undoubtedly be impacts on the Group, the 100% UK- focused nature of the operations of the business significantly reduces the risk profile of the Group to impacts from weather-related changes. The changes necessary to achieve net zero will not have a materially adverse impact on the cash flows of the Group and indeed, warmer climates may present some opportunities as disclosed on page 51 of the Sustainability Report within this Annual Report and Accounts. Societal and legislative impacts are not considered to have a material impact on any one segment such that we need to break out reporting in a different way to previous years. Judgements are not considered to be significant, although clearly understanding of climate change is developing with time. Management review has concluded that there is no material impact for inclusion within modelling scenarios for viability purposes and given the profitability and short payback period of the cash generating units (CGU), no issues were identified that would impact the carrying values of such tangible and intangible assets. Given the cash generation and facilities available, no significant issues were identified that would impact viability over the forecast period and therefore no further disclosure is required. The preparation of the Consolidated Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement and complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements, are disclosed in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "The preparation of the Consolidated Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement and complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements, are disclosed in note 3. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "(B) GOING CONCERN The Group\u2019s credit facility comprises a committed revolving credit facility (RCF) of \u00a3170m extending to June 2028, which was extended following the exercise of a 17-month extension option during 2025. At the balance sheet date, borrowings against the facility totalled \u00a362m with \u00a3108m of headroom remaining. The cash balance stood at \u00a36.1m with reported net debt before leases of \u00a355.7m (2024: \u00a384.9m) (net debt is presented inclusive of capitalised arrangement fees). The Group also benefits from an uncommitted overdraft facility of \u00a310m which was undrawn at the year-end. The Group meets its working capital requirements through these cash reserves and facilities, and closely manages working capital to ensure sufficient daily liquidity and prepares financial forecasts under various scenarios to ensure sufficient liquidity over the medium-term. Management maintains strong relationships with the Group\u2019s lenders and advisors, and remains confident in the Group\u2019s ability to continue to access the financing it requires. The facility is subject to covenant restrictions of leverage (net debt/adjusted EBITDA) (as measured before leases) of less than three times and interest cover of greater than four times. The covenants are subject to testing on a half yearly basis. The Group has comfortably traded within its covenants throughout 2025 and anticipates remaining within these throughout 2026. Management have modelled two financial scenarios for the 18-month period to 30 June 2027, comprising a base case and a plausible downside scenario, reflecting both macroeconomic and industry-specific projections. In addition to this, a reverse stress test has also been modelled. Assumptions underpinning these scenarios are outlined as follows: \u2022 The base case scenario is aligned to our current demand expectations, with 2026 sales volumes expected to be similar to 2025; \u2022 Management continues to align production to anticipated sales, minimising inventory growth. In addition, capital expenditure continues to reduce from prior years, with the Group\u2019s spend on strategic projects largely complete, increasing free cash flows; \u2022 With leverage now returned to normalised levels, and reflective of our lower capital expenditure requirements going forward, the Board's intention to commence the return of surplus capital to shareholders with a \u00a320m share buyback programme has been included; and \u2022 The Group\u2019s plausible downside scenario takes into account the lowest levels of market demand seen across our products since 2022. Product dependent, this ranges up to 40% below the levels last seen in 2022. 2022 is considered to be representative of a normalised market for the Group and as such is seen as a reasonable benchmark for scenario modelling. It is not considered plausible that demand could fall further than the assumptions detailed within the downside scenario laid out below.
Management
Scenario
Sales volume assumptions
mitigations
Base
Sales volumes remain between 12% and 25% below 2022. Volumes
None necessary
improve in 2027 but remain up to 22% below 2022
Plausible Product dependent, volumes return to their lowest level since 2022, which is Proposed share
downside a reduction of between 23% and 38% relative to 2022. Volumes begin to buyback
recover in 2027 but remain up to 36% below 2022 programme is
paused
Under both of the above scenarios, there is no breach in covenants throughout 2026 and in the period up to 30 June 2027. In addition to the scenarios, the Group has prepared a reverse stress test to determine the level of market decline that could potentially breach covenants, before further mitigating actions are taken. The reverse stress test indicated, that should volumes fall by a further 16% from the plausible downside, the Group would be at risk of breaching its covenants. This is viewed by the Board to be a highly unlikely scenario. The Board remains confident in the Group's ability to benefit significantly as markets recover and its strategic investments generate returns. Further to this, in the event of sales volumes falling in line with those modelled in the reverse stress test, the Group would seek to enact further mitigating actions including additional cost savings, production reductions, curtailment in the quantum of dividend distributions and the sale of surplus land and buildings. Taking the above into consideration, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the going concern period to 30 June 2027. The Group therefore adopts the going concern basis in preparing these Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "(C) NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The accounting policies adopted in the preparation of these Consolidated Financial Statements are consistent with those followed in the preparation of the Consolidated Financial Statements for the year ended 31 December 2024, except for the adoption of new standards effective as at 1 January 2025. The following new standards and amendments apply for the first time in 2025, none of which had a material impact on the Consolidated Financial Statements: \u2022 Amendments to IAS 21, Lack of Exchangeability, amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates. Amendments to IFRS 9 and IFRS 7 will become mandatory from 1 January 2026. Management are currently assessing the impact of these amendments. Contracts referencing nature-dependent electricity \u2013 As part of this amendment the Group will present additional disclosures in relation to its solar PPA contract, following changes to requirements for financial contracts whose pricing or settlement terms depend on nature-dependent electricity. The PPA contract will continue to meet the requirements for the own use exemption under IFRS 9 and be accounted for as an executory contract, in line with treatment for the period ended 31 December 2025. Classification and measurement of financial instruments \u2013 The impact of changes within this narrow scope amendment in relation to the recognition and derecognition of financial assets and liabilities involving an electronic payment system are being assessed for the Group. It is anticipated the Group will apply a modified retrospective approach in adopting these amendments. IFRS 18 will become mandatory from 1 January 2027. Management are currently assessing the impact of this new standard for the Group. Other than the amendments to IFRS 9 and IFRS 7 and the introduction of IFRS 18, at the date of approval of these Consolidated Financial Statements there were a number of standards, amendments and interpretations that have been published and are effective for accounting periods beginning on or after 1 January 2026. These have not been applied in these Consolidated Financial Statements and are not expected to have a material impact when adopted. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "(C) NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS The accounting policies adopted in the preparation of these Consolidated Financial Statements are consistent with those followed in the preparation of the Consolidated Financial Statements for the year ended 31 December 2024, except for the adoption of new standards effective as at 1 January 2025. The following new standards and amendments apply for the first time in 2025, none of which had a material impact on the Consolidated Financial Statements: \u2022 Amendments to IAS 21, Lack of Exchangeability, amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates. Amendments to IFRS 9 and IFRS 7 will become mandatory from 1 January 2026. Management are currently assessing the impact of these amendments. Contracts referencing nature-dependent electricity \u2013 As part of this amendment the Group will present additional disclosures in relation to its solar PPA contract, following changes to requirements for financial contracts whose pricing or settlement terms depend on nature-dependent electricity. The PPA contract will continue to meet the requirements for the own use exemption under IFRS 9 and be accounted for as an executory contract, in line with treatment for the period ended 31 December 2025. Classification and measurement of financial instruments \u2013 The impact of changes within this narrow scope amendment in relation to the recognition and derecognition of financial assets and liabilities involving an electronic payment system are being assessed for the Group. It is anticipated the Group will apply a modified retrospective approach in adopting these amendments. IFRS 18 will become mandatory from 1 January 2027. Management are currently assessing the impact of this new standard for the Group. Other than the amendments to IFRS 9 and IFRS 7 and the introduction of IFRS 18, at the date of approval of these Consolidated Financial Statements there were a number of standards, amendments and interpretations that have been published and are effective for accounting periods beginning on or after 1 January 2026. These have not been applied in these Consolidated Financial Statements and are not expected to have a material impact when adopted. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "
(D) BASIS OF CONSOLIDATION
The Group controls an entity when it is exposed to, or has rights to, variable returns and has the ability to
affect those returns through its power over the entity. A subsidiary is an entity over which the Group has
control. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Intra-Group transactions, balances and unrealised gains and losses on transactions between Group
companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "(D) BASIS OF CONSOLIDATION The Group controls an entity when it is exposed to, or has rights to, variable returns and has the ability to affect those returns through its power over the entity. A subsidiary is an entity over which the Group has control. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intra-Group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "
(E) FOREIGN CURRENCY TRANSLATION
The presentational currency of the Group is pounds sterling; the currency of the primary economic
environment in which the Group operates.
Foreign currency transactions are translated into the presentational currency using the exchange rate prevailing
at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such
transactions, or from the translation of monetary assets and liabilities denominated in foreign currencies at
period end, are recognised in the Group\u2019s Consolidated Statement of Total Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "The presentational currency of the Group is pounds sterling; the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "
(F) REVENUE
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts
for goods supplied, net of rebates, discounts, returns and value added taxes. The Group recognises
revenue when performance obligations are met, as follows:
\u2022 Bricks and Blocks \u2013 on delivery of goods.
\u2022 Bespoke Products \u2013 on delivery of goods, or, for supply and fit contracts, on delivery and installation.
Delivery and installation are construed as two separate performance obligations, however, the pattern of
installation is in a manner that the obligation is satisfied at the same time as the delivery of products, thus
there is no time lag between the two performance obligations and hence revenue is recognised
on installation.
\u2022 Bill and hold arrangements, for both reporting segments \u2013 when the customer obtains control of the
goods, which arises when facts and circumstances indicate that control has passed and when all of the
following criteria are met: (i) the reason for the arrangement is substantive; (ii) the product has been
identified separately as belonging to the customer; (iii) the product is ready for delivery in accordance with
the terms of the arrangement; and (iv) the Group does not have the ability to use the product or sell the
product to another customer.
The Group offers volume-based rebates to certain customers, typically on an annual basis. Revenue is
recognised net of rebates paid or accrued. In total \u00a323.1m (2024: \u00a322.1m) has been deducted from revenue
in relation to rebates in the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "The Group offers volume-based rebates to certain customers, typically on an annual basis. Revenue is recognised net of rebates paid or accrued. In total \u00a323.1m (2024: \u00a322.1m) has been deducted from revenue in relation to rebates in the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "
(G) SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting to the Executive
Committee which has been identified as the chief operating decision maker.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "(H) PROPERTY, PLANT AND EQUIPMENT Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price of the asset, costs attributable to bringing the asset to working condition for intended use, the initial estimate of any decommissioning obligation and associated changes to those estimates. When components of an item of property, plant and equipment have different useful lives, those components are accounted for as separate assets. Subsequent costs are included in the asset\u2019s carrying value where they meet the recognition criteria. Assets are derecognised on disposal. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount of an asset and are recognised in the Consolidated Statement of Total Comprehensive Income. Where estimated future economic benefit falls below the carrying value of an asset or group of assets, the asset is impaired. Assets under construction are not depreciated until they are ready for use. For the other categories of property, plant and equipment, depreciation is charged to either cost of sales, distribution or administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful life of the asset. The estimated useful lives of assets are as follows: \u2022 Buildings: up to 50 years \u2022 Plant and machinery: 2 to 40 years Asset residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying amount of an asset is written down if it is in excess of its recoverable amount. Repairs and maintenance expenses do not meet the recognition criteria and are recognised as an expense in the Consolidated Statement of Total Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "Assets under construction are not depreciated until they are ready for use. For the other categories of property, plant and equipment, depreciation is charged to either cost of sales, distribution or administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful life of the asset. The estimated useful lives of assets are as follows: \u2022 Buildings: up to 50 years \u2022 Plant and machinery: 2 to 40 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "(I) INTANGIBLE ASSETS (I) Brand Intangible assets relating to brands are not amortised as all held by the Group have an indefinite useful life, but are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. (II) Carbon credits Purchased carbon credits are recorded at cost within intangible assets. The asset is surrendered at the end of the compliance period reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised. Further details of the Group\u2019s policy in accounting for carbon credits are disclosed under section (U) of this note. (III) Other intangible assets Other intangibles consist of clay rights, acquired merchant relationships and software development costs. These are attributable to both reportable segments. All other intangible assets have finite lives and are carried at cost less accumulated amortisation. Amortisation for all intangible assets, including those internally generated, is charged to administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful lives of the assets. \u2022 Software: up to 7 years \u2022 Clay rights: up to 12 years \u2022 Merchant relationships: up to 8 years (IV) Impairment of tangible and intangible assets The Group continues to evaluate tangible and intangible assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Judgements have remained consistent with prior periods. The recoverable amount is defined as the higher of fair value less costs to sell and value in use, which in turn is the present value of the future cash flows expected to be derived from the asset. Management apply a three-level hierarchy of valuation inputs, prioritising observable market evidence where available, only using specific assumptions when higher-level inputs are unavailable. Management sensitises value-in-use models to assess the level of sensitivity to each assumption. Within each model, accounting for reasonably possible changes in assumptions such as a 1% increase in discount rate, decrease in long-term growth rates, or a 10% fall in annual EBITDA does not eliminate headroom. (V) Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility to complete the development so that the asset will be available for use or sale; \u2022 Its intention to complete and its ability and intention to use or sell the asset; \u2022 That the asset will generate future economic benefits; \u2022 The availability of resources to complete the asset; and \u2022 The ability to reliably measure development expenditure. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "(I) Brand Intangible assets relating to brands are not amortised as all held by the Group have an indefinite useful life, but are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. (II) Carbon credits Purchased carbon credits are recorded at cost within intangible assets. The asset is surrendered at the end of the compliance period reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised. Further details of the Group\u2019s policy in accounting for carbon credits are disclosed under section (U) of this note. (III) Other intangible assets Other intangibles consist of clay rights, acquired merchant relationships and software development costs. These are attributable to both reportable segments. All other intangible assets have finite lives and are carried at cost less accumulated amortisation. Amortisation for all intangible assets, including those internally generated, is charged to administrative expenses within the Consolidated Statement of Total Comprehensive Income on a straight-line basis over the estimated useful lives of the assets. \u2022 Software: up to 7 years \u2022 Clay rights: up to 12 years \u2022 Merchant relationships: up to 8 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "
(IV) Impairment of tangible and intangible assets
The Group continues to evaluate tangible and intangible assets for indicators of impairment whenever events
or changes in circumstances indicate that the carrying value may not be recoverable. Judgements have
remained consistent with prior periods.
The recoverable amount is defined as the higher of fair value less costs to sell and value in use, which in turn
is the present value of the future cash flows expected to be derived from the asset. Management apply a
three-level hierarchy of valuation inputs, prioritising observable market evidence where available, only using
specific assumptions when higher-level inputs are unavailable.
Management sensitises value-in-use models to assess the level of sensitivity to each assumption. Within each
model, accounting for reasonably possible changes in assumptions such as a 1% increase in discount rate,
decrease in long-term growth rates, or a 10% fall in annual EBITDA does not eliminate headroom.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "(IV) Impairment of tangible and intangible assets The Group continues to evaluate tangible and intangible assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Judgements have remained consistent with prior periods. The recoverable amount is defined as the higher of fair value less costs to sell and value in use, which in turn is the present value of the future cash flows expected to be derived from the asset. Management apply a three-level hierarchy of valuation inputs, prioritising observable market evidence where available, only using specific assumptions when higher-level inputs are unavailable. Management sensitises value-in-use models to assess the level of sensitivity to each assumption. Within each model, accounting for reasonably possible changes in assumptions such as a 1% increase in discount rate, decrease in long-term growth rates, or a 10% fall in annual EBITDA does not eliminate headroom. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "
(V) Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are
recognised as an intangible asset when the Group can demonstrate:
\u2022 The technical feasibility to complete the development so that the asset will be available for use or sale;
\u2022 Its intention to complete and its ability and intention to use or sell the asset;
\u2022 That the asset will generate future economic benefits;
\u2022 The availability of resources to complete the asset; and
\u2022 The ability to reliably measure development expenditure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
(J) LEASES
The Group leases various premises, land, fleet vehicles, motor vehicles and plant and equipment. Lease
terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
Lease terms are typically made for the following fixed periods:
\u2022 Land and property: up to 60 years
\u2022 Fleet vehicles, motor vehicles and plant and machinery: 2 to 7 years
Lease assets are recognised as a right-of-use asset, with a corresponding liability also recognised at the
date at which the leased asset is available for use by the Group.
(I) Lease liabilities
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities
for the Group include the net present value of fixed lease payments due over the lease term. The Group
remeasures lease liabilities if there is a change in the cash flows resulting in a change in index or rate used
to determine lease payments.
Lease payments are discounted using the interest rate implicit in the lease if readily available. If that rate
cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions.
Payments made in relation to lease interest charges are presented within interest paid within cash flows
from operating activities in the Consolidated Statement of Cash Flows. Principal lease repayments made
are recognised within cash flows from financing activities.
(II) Right-of-use assets
Right-of-use assets for the Group are measured at cost. This is determined as the initial measurement of the
lease liability and the balance of any lease payments made at or before the commencement date. Right-of-
use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated
useful life of the asset. The useful life of right-of-use assets are as follows:
\u2022 Land and buildings: 8 to 14 years
\u2022 Plant, fleet and motor vehicles: 2 to 7 years
(III) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and
equipment (leases that have a lease term of 12 months or less from the commencement date and do not
contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that
are considered to be low-value. Low-value assets comprise of tools, IT equipment and small items of office
equipment. Payments associated with short-term leases and leases of low-value assets are recognised on
a straight-line basis as an expense in the Consolidated Statement of Total Comprehensive Income and
presented within cash flows from operating activities within the Consolidated Statement of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "(K) FINANCIAL INSTRUMENTS The Group determines the classification of financial assets and financial liabilities at initial recognition. The principal financial assets and liabilities of the Group are as follows: (I) Trade and other receivables (excluding prepayments) Trade and other receivables are initially stated at fair value and subsequently measured at amortised cost. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. All trade receivables are expected to be settled in one year or less. Trade and other receivables are reported net of an allowance for expected credit losses. Losses are calculated by reviewing lifetime expected credit losses using historic and forward-looking data on credit risk. Expected loss allowances are recorded in a separate provision account with the loss being recognised within administrative expenses in the Consolidated Statement of Total Comprehensive Income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. (II) Trade and other payables (excluding statutory non-financial liabilities) Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method. (III) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits. Short-term deposits are those deposits with a maturity of three months or less, held for the purpose of meeting short-term cash commitments, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. (IV) Loans and borrowings Loans and borrowings are initially recognised at fair value, net of attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income and finance expense. Borrowing costs incurred by the Group which are directly attributable to the construction of a qualifying asset are capitalised as part of the asset, until the point at which the qualifying asset is determined substantially complete. Strategic projects with an expected timeline to completion of greater than one year are considered qualifying assets by the Group. Interest capitalised is determined either by way of interest incurred on specific borrowings entered in respect of qualifying assets, or through the determination of a capitalisation rate which is based on the interest on general borrowings of the Group, being the Group's Revolving Credit Facility, which is then applied to expenditure on qualifying assets. In the current period to 31 December 2025, the Group capitalised interest of \u00a32.5m in respect of qualifying assets (2024: \u00a32.1m). (V) Derivative financial instruments (excluding those designated as cash flow hedges) The Group uses derivative financial instruments, in particular forward foreign exchange contracts and options, to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The energy costs of the Group are closely managed to ensure the impact of fluctuating energy prices is minimised. As such, forward contractual commitments are in place for both gas and electricity. Under normal circumstances, the Group takes delivery of all energy purchased under each contract, meeting the requirements under IFRS 9 Financial Instruments of the own use exemption. These are then accounted for as executory contracts through the Consolidated Statement of Total Comprehensive Income in line with consumption. If, due to unforeseen circumstances, the Directors do not at the balance sheet date expect to take delivery of all volumes committed for future periods, thus necessitating excess volumes to be sold back to the market, any open contracts for which this applies are valued at their fair value with any gain or loss recognised in the income statement for the period then ended. (VI) Cash flow hedges When a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
The amounts accumulated in Other Comprehensive Income are accounted for, depending on the nature
of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of
a non-financial item, the amount accumulated in equity is removed from the separate component of equity
and included in the initial cost or other carrying amount of the hedged asset or liability. For any other cash
flow hedges, the amount accumulated in Other Comprehensive Income is reclassified to profit or loss as
a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
(I) Trade and other receivables (excluding prepayments)
Trade and other receivables are initially stated at fair value and subsequently measured at amortised cost.
Trade receivables are amounts due from customers for goods sold in the ordinary course of business.
All trade receivables are expected to be settled in one year or less.
Trade and other receivables are reported net of an allowance for expected credit losses. Losses are
calculated by reviewing lifetime expected credit losses using historic and forward-looking data on credit risk.
Expected loss allowances are recorded in a separate provision account with the loss being recognised
within administrative expenses in the Consolidated Statement of Total Comprehensive Income. On
confirmation that the receivable will not be collectable, the gross carrying value of the asset is written
off against the associated provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "
(II) Trade and other payables (excluding statutory non-financial liabilities)
Trade and other payables are initially stated at fair value and subsequently measured at amortised cost
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "
(III) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short-term deposits. Short-term deposits are
those deposits with a maturity of three months or less, held for the purpose of meeting short-term cash
commitments, that are readily convertible to a known amount of cash and subject to an insignificant risk
of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "
(IV) Loans and borrowings
Loans and borrowings are initially recognised at fair value, net of attributable transaction costs and are
subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising
on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance
income and finance expense.
Borrowing costs incurred by the Group which are directly attributable to the construction of a qualifying
asset are capitalised as part of the asset, until the point at which the qualifying asset is determined
substantially complete.
Strategic projects with an expected timeline to completion of greater than one year are considered qualifying
assets by the Group.
Interest capitalised is determined either by way of interest incurred on specific borrowings entered in respect
of qualifying assets, or through the determination of a capitalisation rate which is based on the interest
on general borrowings of the Group, being the Group's Revolving Credit Facility, which is then applied to
expenditure on qualifying assets. In the current period to 31 December 2025, the Group capitalised interest
of \u00a32.5m in respect of qualifying assets (2024: \u00a32.1m).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "Borrowing costs incurred by the Group which are directly attributable to the construction of a qualifying asset are capitalised as part of the asset, until the point at which the qualifying asset is determined substantially complete. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
(V) Derivative financial instruments (excluding those designated as cash flow hedges)
The Group uses derivative financial instruments, in particular forward foreign exchange contracts and
options, to manage the financial risks arising from the business activities and the financing of those activities.
The Group does not use derivative financial instruments for speculative purposes. Such derivative financial
instruments are initially recognised at fair value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value
is positive and as financial liabilities when the fair value is negative.
The energy costs of the Group are closely managed to ensure the impact of fluctuating energy prices is
minimised. As such, forward contractual commitments are in place for both gas and electricity.
Under normal circumstances, the Group takes delivery of all energy purchased under each contract, meeting
the requirements under IFRS 9 Financial Instruments of the own use exemption. These are then accounted
for as executory contracts through the Consolidated Statement of Total Comprehensive Income in line with
consumption.
If, due to unforeseen circumstances, the Directors do not at the balance sheet date expect to take delivery
of all volumes committed for future periods, thus necessitating excess volumes to be sold back to the market,
any open contracts for which this applies are valued at their fair value with any gain or loss recognised in the
income statement for the period then ended.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "(V) Derivative financial instruments (excluding those designated as cash flow hedges) The Group uses derivative financial instruments, in particular forward foreign exchange contracts and options, to manage the financial risks arising from the business activities and the financing of those activities. The Group does not use derivative financial instruments for speculative purposes. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The energy costs of the Group are closely managed to ensure the impact of fluctuating energy prices is minimised. As such, forward contractual commitments are in place for both gas and electricity. Under normal circumstances, the Group takes delivery of all energy purchased under each contract, meeting the requirements under IFRS 9 Financial Instruments of the own use exemption. These are then accounted for as executory contracts through the Consolidated Statement of Total Comprehensive Income in line with consumption. If, due to unforeseen circumstances, the Directors do not at the balance sheet date expect to take delivery of all volumes committed for future periods, thus necessitating excess volumes to be sold back to the market, any open contracts for which this applies are valued at their fair value with any gain or loss recognised in the income statement for the period then ended. (VI) Cash flow hedges When a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The amounts accumulated in Other Comprehensive Income are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. For any other cash flow hedges, the amount accumulated in Other Comprehensive Income is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "
(VI) Cash flow hedges
When a derivative financial instrument is designated as a hedge of the variability in cash flows of a
recognised asset or liability, the effective portion of the gain or loss on the hedging instrument is recognised
in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised
immediately in profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or
loss on the hedging instrument and the cumulative change in fair value of the hedged item.
The amounts accumulated in Other Comprehensive Income are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. For any other cash flow hedges, the amount accumulated in Other Comprehensive Income is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "
(L) ASSETS HELD FOR SALE
The Group classifies non-current assets as held for sale if their carrying amounts will be recovered principally
through a sales transaction rather than continuing use. Non-current assets classified as held for sale are
measured at the lower of their carrying value and fair value less costs to sell.
In order to be classified as such, the sale of the asset must be highly probable, and available for immediate
sale in its present condition. The Group must be committed to the plan to sell the asset and the sale
expected to be completed within one year from the date of the classification.
Assets classified as held for sale are presented separately as current items in the Consolidated Balance
Sheet and are not depreciated or amortised once classified as such.
In the current year, management considers the associated assets held at its Cradley and Somercotes sites
to meet the classification of held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "
(M) INVENTORIES
Inventories are stated at the lower of cost and net realisable value. Net realisable value is based on
estimated selling price less any costs expected to be incurred in sale. The Group applies an inventory
provision for damaged, obsolete, excess and slow-moving inventory.
Raw materials are measured at the weighted average cost. This method perpetually applies a cost weighting
to obtain an average cost of purchased inventory and inventory on hand in proportion to quantity.
Finished goods are measured at standard cost. Cost comprises: direct materials, direct labour and an
appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis
of a normalised operating capacity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
(N) PROVISIONS
Provisions are recognised in the Consolidated Balance Sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will
be required to settle that obligation and the amount can be reliably measured. If the effect is material, the
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The change
in provisions due to passage of time is recognised as a net finance expense.
Provisions for rebates are included within accrued liabilities and other payables.
Provisions are not made for future operating losses.
Provisions for restructuring costs, product liability, legal claims and carbon emissions obligations are all
made based on the best estimate of the likely committed cash outflow, using relevant information available
at the reporting date. Management engages third-party valuation experts, as appropriate, when material and
complex estimates are required.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
(O) SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are
shown in share premium as a deduction from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
(P) NET FINANCE EXPENSE
(I) Finance expense
Finance expense comprises interest payable on borrowings from external and related parties, direct issue
costs, interest paid on lease liabilities and unwinding of discount on long-term provisions. Finance expense
is recognised in the Consolidated Statement of Total Comprehensive Income as it accrues using the
effective interest method.
(II) Finance income
Finance income comprises interest receivable on funds invested.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "(I) Finance expense Finance expense comprises interest payable on borrowings from external and related parties, direct issue costs, interest paid on lease liabilities and unwinding of discount on long-term provisions. Finance expense is recognised in the Consolidated Statement of Total Comprehensive Income as it accrues using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "(I) Finance expense Finance expense comprises interest payable on borrowings from external and related parties, direct issue costs, interest paid on lease liabilities and unwinding of discount on long-term provisions. Finance expense is recognised in the Consolidated Statement of Total Comprehensive Income as it accrues using the effective interest method. (II) Finance income Finance income comprises interest receivable on funds invested. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "(II) Finance income Finance income comprises interest receivable on funds invested. ", "dimensions": { "concept": "forterraplc:DescriptionOfAccountingPolicyForFinanceIncome", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
(Q) CURRENT AND DEFERRED INCOME TAX
Income tax for the periods presented comprises current and deferred tax. Tax is recognised in the
Consolidated Statement of Total Comprehensive Income, unless it relates to items recognised directly
in equity.
The current income tax charge is the expected tax payable on the taxable income for the year, using tax
rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax assets
are recognised only to the extent that it is probable that future taxable profit will be available against which
the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "(Q) CURRENT AND DEFERRED INCOME TAX Income tax for the periods presented comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Total Comprehensive Income, unless it relates to items recognised directly in equity. The current income tax charge is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
(R) EMPLOYEE BENEFITS
The Group operates a defined contribution pension plan under which the Group pays fixed contributions.
The Group has no further payment obligations once the contributions have been paid. The contributions are
recognised as an employee benefit expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
(S) SHARE-BASED PAYMENTS
The Group operates a number of equity-settled share-based compensation plans. The fair value of the
employee services received in exchange for the grant of shares or options is recognised as an expense over
the vesting period. The total amount to be expensed over the vesting period is determined by reference to
the fair value of shares or options granted. At each balance sheet date the Group revises its estimates of the
number of shares or options that are expected to vest and recognises the impact of the revision on original
estimates, if any, in the Consolidated Statement of Total Comprehensive Income, with a corresponding
adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
(T) OWN SHARES HELD BY EMPLOYEE BENEFIT TRUST
The Group has established two separate employee benefit trusts for the purposes of satisfying awards
under the Group\u2019s share-based incentive schemes. Shares in the Group acquired by the Trusts are
deducted from equity until shares are cancelled, reissued or disposed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
(U) ACCOUNTING FOR CARBON CREDITS
The Group\u2019s factories operate under the UK (Emission Trading Scheme) carbon pricing system. Purchased
carbon credits are recorded at cost within intangible assets. A liability is recognised based on the level of
emissions recorded in the relevant compliance period. Up to the level of allowances held, the liability is
measured at the cost of purchase. Where the liability to surrender carbon credits exceeds the carbon
allowances held, the provision is recognised for the shortfall measured at the prevailing market price and
remeasured at the reporting date. Subsequent movements in the provision are recognised in the Statement
of Total Comprehensive Income.
Due to the nature of carbon credits purchases being to satisfy obligations incurred through the Group\u2019s
operations, the purchase and settlement of carbon credits are included in cash flows from operating
activities within the Consolidated Statement of Cash Flows.
", "dimensions": { "concept": "forterraplc:DescriptionOfAccountingPolicyForAccountingForCarbonCredits", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
(V) GOVERNMENT GRANTS
Government grants (including research and development credits) are recognised within the income
statement on a systematic basis over the periods in which the Group recognises as expenses the related
costs for which the grants are intended to compensate. Grants are presented as part of the income
statement and are deducted in reporting the related expense.
Government grants that are receivable as compensation for expenses or losses already incurred or for the
purpose of giving immediate financial support to the Group with no future related costs are recognised
within the income statement in the period in which they become receivable. Government grants are not
recognised until there is reasonable assurance that the Group will comply with the conditions attached to
them and that the grants will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
(W) ALTERNATIVE PERFORMANCE MEASURES
In order to provide the most transparent understanding of the Group\u2019s performance, the Group uses
alternative performance measures (APMs) which are not defined or specified under IFRS and may not be
comparable with similarly titled measures used by other companies. The Group believes that its APMs
provide additional helpful information on how the trading performance of the business is reported and
internally assessed by management and the Board.
Management and the Board use several profit and non-profit-related APMs in assessing Group performance
and profitability.
These \u2018adjusted results\u2019 are presented before both adjusting and exceptional items as outlined below. A full
reconciliation for each APM from adjusted through to statutory results is shown in note 31.
(I) Exceptional items
The Group presents as exceptional items on the face of the Consolidated Statement of Total
Comprehensive Income, those material items of income and expense, which, because of the nature and
expected infrequency of the events giving rise to them, merit separate presentation to allow shareholders to
understand better elements of financial performance in the period.
In the current year, management considers restructuring costs incurred as a result of site closures to meet this definition. Restructuring costs were inclusive of impairments to asset values, site clearance and termination costs. In the prior year, restructuring costs in relation to market decline, and aborted transaction costs were determined by management to meet this definition. Exceptional items are further detailed in note 8. (II) Adjusting items Adjusting items are disclosed separately in the Annual Report and Accounts where management believes it is necessary to show an alternative measure of performance in presenting the financial results of the Group. The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. In the current year, management has presented the below as adjusting items: \u2022 The realised gain recognised within the Statement of Total Comprehensive Income for the sale of excess energy in 2025, where committed volume exceeded actual consumption by the Group, totalling \u00a31.2m; and \u2022 The fair value of forward energy contracts held where committed future volume is expected by management, as at 31 December 2025, to exceed total consumption by the Group. For these future contracts, the Group can no longer apply the own use exemption under IFRS 9 and instead recognises these as derivatives held at fair value on the balance sheet at 31 December 2025. The impact of this fair value treatment, being a charge of \u00a37.2m in Statement of Total Comprehensive Income for the statutory versus adjusted results, has been presented as an adjusting item for the year ended 31 December 2025. Further details around future forward energy contracts classified as derivative financial instruments can be found in note 23. The Group has historically presented APMs as a measure of before exceptional items. Due to the inclusion of adjusting items since 2023, management has moved to present APMs which are calculated before both exceptional and adjusting items. The Group no longer uses APMs which consider only exceptional items and the Consolidated Financial Statements have been presented to align with this. Management believes this presents a consistent view of performance which is in line with that reviewed internally and our banking covenants.", "dimensions": { "concept": "forterraplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
3. Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Consolidated Financial Statements under IFRS requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and associated assumptions are based on
historical experience and other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
(A) ACCOUNTING ESTIMATES
(I) Provisions
Provisions for restoration and decommissioning obligations are made based on the best estimate of the
likely committed cash outflow. Management seeks specialist input from third-party experts to estimate the
cost to perform necessary remediation work at the reporting date. These experts undertake site visits
in years where scoping identifies there is a change in operations in the year which could suggest a change
in these estimates, or at sites that have not been visited recently. Desktop reviews are undertaken to inform
the estimates for other sites. If the cost estimates increased by 10% the value of provisions would change
by c.\u00a31.5m (2024: c.\u00a31.0m). The useful lives of quarrying sites are based on the estimated mineral
reserve remaining and manufacturing facilities linked to the useful life of site property, plant and equipment.
If the useful lives of quarrying sites reduced by 5 years the value of provisions would change by c.\u00a31.0m
(2024: \u00a30.9m).
The estimation of inflation and discount rates is also considered to be judgemental and can have a
significant impact on net present value. Management references information from the Bank of England when
making such estimates. If the inflation or discount rate were changed and the spread between them increased
by 1% the value of provisions would increase and decrease respectively by c.\u00a31.7m (2024: c.\u00a31.8m).
(II) Fair value of energy contracts
Where the Group holds forward energy purchases for which committed volumes are expected to exceed
total consumption for the Group, these forward contacts are held at fair value. This is further detailed within
(K) Financial instruments. In estimating fair value, management utilises future energy price forecasts from
third-party experts which are modelled against contracted volume. If the future estimated energy prices
were to vary by 10% across all periods modelled, the fair value gain would increase or decrease by \u00a30.4m.
(B) ACCOUNTING JUDGEMENTS
(I) Inventory valuation and provisioning
Inventory carrying value is stated after recognising inventory provisions. The accounting for potential
inventory obsolescence is assessed using past sales data, with manual adjustments for new products to
calculate provisions for slow-moving inventory. This requires a degree of commercial judgement when
determining saleability and price of certain finished goods.
(II) Exceptional and adjusting items
As referenced in note 8 and 31, the Group has disclosed certain exceptional and adjusting items within the
Annual Report and Accounts. In determining whether something is classified as exceptional or adjusting,
management makes reference to nature, size and expected infrequency, with the decision to include or
exclude being a matter of judgement.
(III) Capitalisation of borrowing costs: qualifying assets
As referenced within (K) Financial instruments, borrowing costs incurred by the Group which are directly
attributable to the construction of a qualifying asset are capitalised as part of the asset. The determination of
a qualifying asset by management is considered to be a critical judgement.
Strategic projects with an expected timeline to completion of greater than one year are considered qualifying
assets. In the current year, the Wilnecote brick factory redevelopment and the Accrington brick slip factory
have been recognised as qualifying assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
4. Segmental reporting
Management has determined the operating segments based on the management reports reviewed by the
Executive Committee that are used to assess both performance and strategic decisions. Management has
identified that the Executive Committee is the chief operating decision maker in accordance with the
requirements of IFRS 8 \u2018Operating segments\u2019.
The Executive Committee considers the business to be split into three operating segments: Bricks, Blocks and
Bespoke Products.
The principal activity of the operating segments are:
\u2022 Bricks: Manufacture and sale of bricks to the construction sector;
\u2022 Blocks: Manufacture and sale of concrete blocks and permeable block paving to the construction sector;
and
\u2022 Bespoke Products: Manufacture and sale of bespoke products to the construction sector.
The Executive Committee considers that for reporting purposes, the operating segments above can be
aggregated into two reporting segments: Bricks and Blocks and Bespoke Products. The aggregation of
Bricks and Blocks is due to these operating segments having similar long-term average margins, production
processes, suppliers, customers and distribution methods.
The Bespoke Products range comprises precast concrete (marketed under the \u2018Bison Precast\u2019 brand), which
is typically made-to-measure or customised to meet the customer\u2019s specific needs. The precast concrete
products are complemented by the Group\u2019s full design and nationwide installation services.
Costs which are incurred on behalf of both segments are held at the centre and these, together with general
administrative expenses, are allocated to the segments for reporting purposes using a split of 80% Bricks
and Blocks and 20% Bespoke Products. Management considers that this is an appropriate basis for the
allocation.
The revenue recognised in the Consolidated Statement of Total Comprehensive Income is all attributable to
the principal activity of the manufacture and sale of bricks, both dense and lightweight blocks, precast
concrete, concrete paving and other complementary building products.
Substantially all revenue recognised in the Consolidated Statement of Total Comprehensive Income arose
within the UK.
Segment revenue and results
2025
2024
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
307.7
81.0
388.7
276.7
71.5
348.2
Inter-segment eliminations
(2.7)
(3.9)
Revenue
386.0
344.3
EBITDA before adjusted items
56.9
4.7
61.6
49.0
3.0
52.0
Depreciation and amortisation
13, 14, 25
(18.1)
(1.5)
(19.6)
(19.1)
(1.7)
(20.8)
Operating profit before adjusted items
38.8
3.2
42.0
29.9
1.3
31.2
Allocated exceptional items
8
(3.4)
(3.3)
(6.7)
(0.1)
(0.1)
(0.2)
Unallocated exceptional items
8
\u2013
(2.7)
Allocated adjusting items
31
(6.0)
\u2013
(6.0)
5.6
\u2013
5.6
Operating profit
29.3
33.9
Finance expense
9
(6.0)
(9.1)
Profit before tax
23.3
24.8
Segment assets
2025
2024
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
13
10.1
1.4
11.5
9.7
1.9
11.6
Property, plant and equipment
14
258.4
4.4
262.8
255.4
8.4
263.8
Assets held for sale
15
0.5
2.5
3.0
\u2013
\u2013
\u2013
Inventories
16
75.6
3.0
78.6
79.0
3.0
82.0
Right-of-use assets
25
17.9
0.9
18.8
19.4
1.1
20.5
Segment assets
362.5
12.2
374.7
363.5
14.4
377.9
Unallocated assets
42.4
64.5
Total assets
417.1
442.4
Property, plant and equipment, intangible assets, right-of-use assets and inventories are allocated to segments and considered when appraising segment performance. Trade and other receivables, income tax assets, cash and cash equivalents and derivative assets are centrally controlled and unallocated. Other segment information
2025
2024
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible asset additions
13
3.6
\u2013
3.6
0.1
\u2013
0.1
Property, plant and equipment additions
14
16.1
0.4
16.5
27.7
0.2
27.9
Right-of-use asset additions
25
4.9
0.2
5.1
2.5
0.2
2.7
Customers representing 10% or greater of revenues
2025
2024
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer A
\u2013
\u2013
\u2013
35.6
0.4
36.0
Customer B
16.2
22.9
39.1
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
Segment revenue and results
2025
2024
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
307.7
81.0
388.7
276.7
71.5
348.2
Inter-segment eliminations
(2.7)
(3.9)
Revenue
386.0
344.3
EBITDA before adjusted items
56.9
4.7
61.6
49.0
3.0
52.0
Depreciation and amortisation
13, 14, 25
(18.1)
(1.5)
(19.6)
(19.1)
(1.7)
(20.8)
Operating profit before adjusted items
38.8
3.2
42.0
29.9
1.3
31.2
Allocated exceptional items
8
(3.4)
(3.3)
(6.7)
(0.1)
(0.1)
(0.2)
Unallocated exceptional items
8
\u2013
(2.7)
Allocated adjusting items
31
(6.0)
\u2013
(6.0)
5.6
\u2013
5.6
Operating profit
29.3
33.9
Finance expense
9
(6.0)
(9.1)
Profit before tax
23.3
24.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
Customers representing 10% or greater of revenues
2025
2024
Bricks and Bespoke Bricks and Bespoke
Blocks Products Total Blocks Products Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer A
\u2013
\u2013
\u2013
35.6
0.4
36.0
Customer B
16.2
22.9
39.1
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
5. Operating profit
Profit from operations is stated after charging
2025 2024
Note \u00a3m \u00a3m
Depreciation and amortisation
13, 14, 25
19.6
20.8
Lease expense
25
2.2
3.2
Impairment of property, plant and equipment
14
2.3
\u2013
Share-based payments
28
1.4
1.0
Depreciation and amortisation in the current year includes depreciation on right-of-use assets recognised
through IFRS 16. Lease expenses relate to short-term leases and leases of low-value assets outside of the
scope of IFRS 16, as detailed within note 25.
During the year, the Group recognised a research and development credit of \u00a31.9m (2024: \u00a31.4m) in
respect of qualifying spend of \u00a38.0m (2024: \u00a37.0m) on research and development.
Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Audit services:
Fees payable for the audit of the Company and Consolidated Financial Statements
0.1
0.1
Fees payable for the audit of the subsidiary Financial Statements
0.4
0.4
0.5
0.5
Non-audit services in the year totalled \u00a30.1m (2024: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "5. Operating profit Profit from operations is stated after charging
2025 2024
Note \u00a3m \u00a3m
Depreciation and amortisation
13, 14, 25
19.6
20.8
Lease expense
25
2.2
3.2
Impairment of property, plant and equipment
14
2.3
\u2013
Share-based payments
28
1.4
1.0
Depreciation and amortisation in the current year includes depreciation on right-of-use assets recognised through IFRS 16. Lease expenses relate to short-term leases and leases of low-value assets outside of the scope of IFRS 16, as detailed within note 25. During the year, the Group recognised a research and development credit of \u00a31.9m (2024: \u00a31.4m) in respect of qualifying spend of \u00a38.0m (2024: \u00a37.0m) on research and development. Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Audit services:
Fees payable for the audit of the Company and Consolidated Financial Statements
0.1
0.1
Fees payable for the audit of the subsidiary Financial Statements
0.4
0.4
0.5
0.5
Non-audit services in the year totalled \u00a30.1m (2024: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "5. Operating profit Profit from operations is stated after charging
2025 2024
Note \u00a3m \u00a3m
Depreciation and amortisation
13, 14, 25
19.6
20.8
Lease expense
25
2.2
3.2
Impairment of property, plant and equipment
14
2.3
\u2013
Share-based payments
28
1.4
1.0
Depreciation and amortisation in the current year includes depreciation on right-of-use assets recognised through IFRS 16. Lease expenses relate to short-term leases and leases of low-value assets outside of the scope of IFRS 16, as detailed within note 25. During the year, the Group recognised a research and development credit of \u00a31.9m (2024: \u00a31.4m) in respect of qualifying spend of \u00a38.0m (2024: \u00a37.0m) on research and development. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Audit services:
Fees payable for the audit of the Company and Consolidated Financial Statements
0.1
0.1
Fees payable for the audit of the subsidiary Financial Statements
0.4
0.4
0.5
0.5
Non-audit services in the year totalled \u00a30.1m (2024: \u00a30.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
6. Other operating (expense)/income
2025 2024
Note \u00a3m \u00a3m
Other income
0.6
0.8
Realised gain/(loss) on sale of surplus energy
31
1.2
(1.5)
Movements in the fair value of energy contract derivatives
31
(7.2)
7.1
(5.4)
6.4
The other income balance contains amounts relating to rental income, revenue from waste contracts and
foreign exchange gains/losses incurred on operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "6. Other operating (expense)/income
2025 2024
Note \u00a3m \u00a3m
Other income
0.6
0.8
Realised gain/(loss) on sale of surplus energy
31
1.2
(1.5)
Movements in the fair value of energy contract derivatives
31
(7.2)
7.1
(5.4)
6.4
The other income balance contains amounts relating to rental income, revenue from waste contracts and foreign exchange gains/losses incurred on operating expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
7. Employee costs
Employment costs for the Group during the year
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
86.2
76.3
Pension costs
6.4
5.9
Social security costs
9.1
7.2
Share-based payments
28
1.4
1.0
Redundancies and terminations
8
2.5
0.2
105.6
90.6
The total share-based payments cost in the year includes a national insurance contribution of \u00a30.1m (2024:
contribution of \u00a30.1m).
Average number of employees
2025 2024
Number Number
Administration
130
110
Production and distribution
1,331
1,364
1,461
1,474
The prior year comparative has been restated following a review which identified an error in the original
categorisation of employees across administration and production.
Pension costs
Throughout the period under review the Group provided pension benefits to employees through defined
contribution schemes and by way of a retirement allowance to some members of senior management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "7. Employee costs Employment costs for the Group during the year
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
86.2
76.3
Pension costs
6.4
5.9
Social security costs
9.1
7.2
Share-based payments
28
1.4
1.0
Redundancies and terminations
8
2.5
0.2
105.6
90.6
The total share-based payments cost in the year includes a national insurance contribution of \u00a30.1m (2024: contribution of \u00a30.1m). Average number of employees
2025 2024
Number Number
Administration
130
110
Production and distribution
1,331
1,364
1,461
1,474
The prior year comparative has been restated following a review which identified an error in the original categorisation of employees across administration and production. Pension costs Throughout the period under review the Group provided pension benefits to employees through defined contribution schemes and by way of a retirement allowance to some members of senior management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
8. Exceptional items
2025 2024
Note \u00a3m \u00a3m
Restructuring costs
(6.7)
(0.2)
Aborted corporate transaction
\u2013
(2.7)
(6.7)
(2.9)
2025 exceptional items
During the year, the Group exited from two non-core businesses, the Formpave block paving business and
the Bison Bespoke Precast operation. As a consequence of these operation closures, asset values at these
sites are no longer supportable by value-in-use assessments. Instead, in assessing the carrying value of
assets at these sites, management has relied on estimates of fair value less costs to sell.
Following these assessments, the Group recognised impairments of \u00a32.3m (\u00a31.0m at Formpave and \u00a31.3m
at Bison Bespoke Precast) against certain items of plant and machinery, along with \u00a30.8m against the right-
of-use land asset at Formpave. In addition, inventory at Formpave has been impaired by \u00a30.9m to reflect
management\u2019s assessment of realisable values. Further restructuring costs of \u00a32.7m include redundancies
of \u00a32.5m (\u00a30.7m at Formpave and \u00a31.8m at Bison Bespoke Precast) and a provision of \u00a30.2m for site
clearance works at Bison Bespoke Precast. Further details of these impairments can be found in note 14.
2024 exceptional items
Exceptional items in 2024 relate to restructuring costs of \u00a30.2m and professionals fees associated with an
aborted corporate transaction of \u00a32.7m.
Presentation of exceptional items
Cost of Distribution Administrative
sales costs expenses Total
\u00a3m \u00a3m \u00a3m \u00a3m
2025
Restructuring costs
(6.7)
\u2013
\u2013
(6.7)
(6.7)
\u2013
\u2013
(6.7)
2024
Restructuring costs
(0.1)
\u2013
(0.1)
(0.2)
Aborted corporate transaction
\u2013
\u2013
(2.7)
(2.7)
(0.1)
\u2013
(2.8)
(2.9)
Tax on exceptional items
The restructuring costs incurred in the year, including redundancies and legal costs, were tax deductible.
", "dimensions": { "concept": "forterraplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
9. Finance expense
2025 2024
Note \u00a3m \u00a3m
Interest payable on loans and borrowings
4.2
7.4
Interest payable on lease liabilities
25
0.9
1.0
Other finance expenses
0.1
0.1
Amortisation of capitalised financing costs
0.8
0.6
6.0
9.1
Interest payable on loans and borrowings is presented net of borrowings costs which have been capitalised
against qualifying assets. In the year to 31 December 2025, interest of \u00a32.5m (2024: \u00a32.1m) was capitalised
against qualifying assets, with an average capitalisation rate of 5.7%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "9. Finance expense
2025 2024
Note \u00a3m \u00a3m
Interest payable on loans and borrowings
4.2
7.4
Interest payable on lease liabilities
25
0.9
1.0
Other finance expenses
0.1
0.1
Amortisation of capitalised financing costs
0.8
0.6
6.0
9.1
Interest payable on loans and borrowings is presented net of borrowings costs which have been capitalised against qualifying assets. In the year to 31 December 2025, interest of \u00a32.5m (2024: \u00a32.1m) was capitalised against qualifying assets, with an average capitalisation rate of 5.7%.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "9. Finance expense
2025 2024
Note \u00a3m \u00a3m
Interest payable on loans and borrowings
4.2
7.4
Interest payable on lease liabilities
25
0.9
1.0
Other finance expenses
0.1
0.1
Amortisation of capitalised financing costs
0.8
0.6
6.0
9.1
Interest payable on loans and borrowings is presented net of borrowings costs which have been capitalised against qualifying assets. In the year to 31 December 2025, interest of \u00a32.5m (2024: \u00a32.1m) was capitalised against qualifying assets, with an average capitalisation rate of 5.7%.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "9. Finance expense
2025 2024
Note \u00a3m \u00a3m
Interest payable on loans and borrowings
4.2
7.4
Interest payable on lease liabilities
25
0.9
1.0
Other finance expenses
0.1
0.1
Amortisation of capitalised financing costs
0.8
0.6
6.0
9.1
Interest payable on loans and borrowings is presented net of borrowings costs which have been capitalised against qualifying assets. In the year to 31 December 2025, interest of \u00a32.5m (2024: \u00a32.1m) was capitalised against qualifying assets, with an average capitalisation rate of 5.7%.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
10. Taxation
2025 2024
Note \u00a3m \u00a3m
Current tax
UK corporation tax on profit for the year
4.9
3.2
Prior year adjustment on UK corporation tax
0.4
(2.4)
Total current tax
5.3
0.8
Deferred tax
Origination and reversal of temporary differences
26
1.3
4.1
Effect of changes in tax rates
26
\u2013
\u2013
Effect of prior period adjustments
26
(0.3)
2.4
Total deferred tax
1.0
6.5
Income tax expense
6.3
7.3
2025 2024
\u00a3m \u00a3m
Current tax
Profit before taxation
23.3
24.8
Expected tax charge
5.8
6.2
Expenses not deductible for tax purposes
0.4
1.1
Effect of prior period adjustments
0.1
\u2013
Income tax expense
6.3
7.3
The effective tax rate (ETR) used for statutory measures is 27.1% (2024: 29.5%) and the adjusted ETR is
26.2% (2024: 27.1%). Deferred tax is calculated at the rate at which the provision is expected to reverse.
The UK main rate of corporation tax increased to 25% on 1 April 2023. There has been no further changes
to the rate of corporation tax since the Finance Bill 2023.
26. Deferred tax
The analysis of deferred tax liabilities is as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
14.0
12.9
The movement in deferred tax assets/(liabilities) is as follows:
Fixed Intangible Share-based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(3.3)
(0.3)
\u2013
\u2013
(0.5)
(4.1)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
Other movements
0.2
(0.2)
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2024
(15.3)
2.9
(1.0)
1.0
(0.5)
(12.9)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(1.2)
0.2
\u2013
0.3
(0.6)
(1.3)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Other movements
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
(16.3)
3.2
(1.0)
1.2
(1.1)
(14.0)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using the corporation tax rate applicable to the timing of their reversal.
Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle the balances net.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
11. Dividends
2025 2024
\u00a3m \u00a3m
Amounts recognised as distributions to equity holders in the year
Interim dividend of 1.9p per share (2024: 1.0p)
4.0
2.1
Final dividend of 2.0p per share in respect of prior year (2024: 2.0p)
4.2
4.2
8.2
6.3
The Directors are proposing a final dividend for 2025 of 4.3p per share, making a total payment for the year
of 6.2p (2024: 3.0p). This is subject to approval by the shareholders at the AGM and has not been included
as a liability in the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "0.043", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-329": { "value": "0.03", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-287": { "value": "
12. Earnings per share
The calculation of earnings per Ordinary share is based on profit or loss after tax and the weighted average
number of Ordinary shares in issue during the year. Adjusted earnings per share is presented as an
alternative performance measure to provide an additional year-on-year comparison. A reconciliation between
adjusted and statutory results is presented within note 31.
For diluted earnings per share, the weighted average number of Ordinary shares in issue is adjusted to
assume conversion of all dilutive potential Ordinary shares. The Group has four types of dilutive potential
Ordinary shares: those share options granted to employees under the Sharesave scheme; unvested shares
granted under the Deferred Annual Bonus Plan; unvested shares granted under the Share Incentive Plan;
and unvested shares within the Performance Share Plan that have met the relevant performance conditions
at the end of the reporting period. If, for any of the above schemes, the average share price for the year
is lower than the option price, these shares become anti-dilutive and are excluded from the calculation.
Adjusted
Statutory
2025 2024 2025 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Operating profit for the year
42.0
31.2
29.3
33.9
Finance expense
9
(6.0)
(9.1)
(6.0)
(9.1)
Profit before tax
36.0
22.1
23.3
24.8
Income tax expense
10
(9.4)
(6.0)
(6.3)
(7.3)
Profit for the financial year
26.6
16.1
17.0
17.5
Weighted average number of shares (millions)
211.0
210.6
211.0
210.6
Effect of share incentive awards and options (millions)
1.3
0.7
1.3
0.7
Diluted weighted average number of shares (millions)
212.3
211.3
212.3
211.3
Earnings per share
Pence
Pence
Pence
Pence
Basic earnings
12.6
7.6
8.1
8.3
Diluted earnings
12.5
7.6
8.0
8.3
Adjusted earnings per share is presented as an APM and is calculated by excluding both exceptional and
adjusting items as detailed within note 31 to these Consolidated Financial Statements. The associated
adjusted tax charge is calculated using the rate excluding these exceptional and adjusting items, being
26.2% (2024: 27.1%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
13. Intangible assets
Carbon Other
Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2025
11.1
2.9
24.7
38.7
Additions
\u2013
3.6
\u2013
3.6
Asset reclass
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(0.1)
(2.8)
At 31 December 2025
11.1
3.8
24.6
39.5
Accumulated amortisation and impairment
At 1 January 2025
(4.7)
\u2013
(22.4)
(27.1)
Charge for the year
\u2013
\u2013
(0.9)
(0.9)
At 31 December 2025
(4.7)
\u2013
(23.3)
(28.0)
Net book value
At 1 January 2025
6.4
2.9
2.3
11.6
At 31 December 2025
6.4
3.8
1.3
11.5
Carbon Other
Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
11.1
8.9
24.6
44.6
Additions
\u2013
\u2013
0.1
0.1
Asset reclass
\u2013
\u2013
0.1
0.1
Disposals
\u2013
(6.0)
(0.1)
(6.1)
At 31 December 2024
11.1
2.9
24.7
38.7
Accumulated amortisation and impairment
At 1 January 2024
(4.7)
\u2013
(20.7)
(25.4)
Charge for the year
\u2013
\u2013
(1.7)
(1.7)
At 31 December 2024
(4.7)
\u2013
(22.4)
(27.1)
Net book value
At 1 January 2024
6.4
8.9
3.9
19.2
At 31 December 2024
6.4
2.9
2.3
11.6
The brand category comprises the acquired Thermalite and Bison Precast brands, components of the Bricks and Blocks and Bespoke Products reportable segments respectively. The other intangibles category consists of purchases of clay rights, merchant relationships and software development costs. These are attributable to both reportable segments. Additions relating to the upgrading of Group IT systems were less than \u00a30.1m in the year (2024: \u00a30.1m). No own work has been capitalised within software additions during the year (2024: \u00a3nil). Carbon credits are purchased to satisfy compliance obligations of the Group, and whilst there is no obligation to utilise this within the next 12 months; a proportion of the year end balance is expected to be surrendered within 2026. Due to the nature of carbon credits being part of the Group\u2019s operating activities, any purchases made during the year are included in cash flows from operating activities within the Consolidated Statement of Cash Flows. Impairment of intangible assets Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consist of the Thermalite brand (net book value \u00a36.0m) which is allocated to the Aircrete blocks CGU within the Bricks and Blocks reportable segment and the Bison Precast brand (net book value \u00a30.4m) which is allocated to the Bespoke Products segment. Both brands are considered to have no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the Group. These assets are not amortised but are subject to annual impairment tests. The Group estimates recoverable amount using a value-in-use model by projecting pre-tax cash flows over the indefinite useful life. The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA margin, capital expenditure and the discount rate. The forecast revenues and EBITDA in the models are based on management\u2019s past experience and future expectations of performance. Maintenance capex is based on planned levels in the short-term and recent trends in the longer-term. A pre-tax discount rate of 13.6% in 2025 (2024:12.9%) has been derived from a weighted average cost of capital (WACC) calculation and benchmarked against similar organisations operating within the sector and used to discount cash flows. EBITDA growth rates over the next five years vary by CGU between 4.2% and 7.1% and are based on management\u2019s past experience and expectations of future market performance. These compare to growth rates at 31 December 2024 of between 14.2% and 19.4%. Terminal growth rate of 2.0% for 2025 (2024: 2.0%) is consistent across CGUs and reflects management\u2019s past experience, expectations of future market performance, longer-term industry forecasts and inflationary expectations. The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the above assumptions, is greater than the carrying amount, with sufficient headroom under forecast and sensitised scenarios, and therefore no impairment has been recognised in 2025 (2024: \u00a3nil).
The Group has considered the assumptions used within the scenario analysis exercise undertaken to better
understand the possible range of risks and opportunities our business could face under different future
climate forecasts made in accordance with the recommendations of the Task Force on Climate-related
Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for
inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback
period of the CGUs of the Group, no issues were identified that would impact the carrying values of either
tangible or intangible assets.
Should the costs associated with carbon emissions increase over time, this would be experienced across
the industry and the Group would therefore expect to be able to recover this through its pricing strategy
where possible. Primary mitigation, however, remains the focus on reducing our emissions and delivering
on the plan and targets outlined within the Sustainability Report within this Annual Report and Accounts.
Whilst recognising the risks associated with the longer-term demand for our products, our commitment to
innovation and developing to meet the evolving needs of our customer base, paired with the acknowledged
climate-related opportunities that the thermal properties of our products offer, leads the Group to the believe
that the useful lives of its brands are not currently impacted by climate-related risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "13. Intangible assets
Carbon Other
Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2025
11.1
2.9
24.7
38.7
Additions
\u2013
3.6
\u2013
3.6
Asset reclass
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(0.1)
(2.8)
At 31 December 2025
11.1
3.8
24.6
39.5
Accumulated amortisation and impairment
At 1 January 2025
(4.7)
\u2013
(22.4)
(27.1)
Charge for the year
\u2013
\u2013
(0.9)
(0.9)
At 31 December 2025
(4.7)
\u2013
(23.3)
(28.0)
Net book value
At 1 January 2025
6.4
2.9
2.3
11.6
At 31 December 2025
6.4
3.8
1.3
11.5
Carbon Other
Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
11.1
8.9
24.6
44.6
Additions
\u2013
\u2013
0.1
0.1
Asset reclass
\u2013
\u2013
0.1
0.1
Disposals
\u2013
(6.0)
(0.1)
(6.1)
At 31 December 2024
11.1
2.9
24.7
38.7
Accumulated amortisation and impairment
At 1 January 2024
(4.7)
\u2013
(20.7)
(25.4)
Charge for the year
\u2013
\u2013
(1.7)
(1.7)
At 31 December 2024
(4.7)
\u2013
(22.4)
(27.1)
Net book value
At 1 January 2024
6.4
8.9
3.9
19.2
At 31 December 2024
6.4
2.9
2.3
11.6
The brand category comprises the acquired Thermalite and Bison Precast brands, components of the Bricks and Blocks and Bespoke Products reportable segments respectively. The other intangibles category consists of purchases of clay rights, merchant relationships and software development costs. These are attributable to both reportable segments. Additions relating to the upgrading of Group IT systems were less than \u00a30.1m in the year (2024: \u00a30.1m). No own work has been capitalised within software additions during the year (2024: \u00a3nil). Carbon credits are purchased to satisfy compliance obligations of the Group, and whilst there is no obligation to utilise this within the next 12 months; a proportion of the year end balance is expected to be surrendered within 2026. Due to the nature of carbon credits being part of the Group\u2019s operating activities, any purchases made during the year are included in cash flows from operating activities within the Consolidated Statement of Cash Flows. Impairment of intangible assets Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consist of the Thermalite brand (net book value \u00a36.0m) which is allocated to the Aircrete blocks CGU within the Bricks and Blocks reportable segment and the Bison Precast brand (net book value \u00a30.4m) which is allocated to the Bespoke Products segment. Both brands are considered to have no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the Group. These assets are not amortised but are subject to annual impairment tests. The Group estimates recoverable amount using a value-in-use model by projecting pre-tax cash flows over the indefinite useful life. The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA margin, capital expenditure and the discount rate. The forecast revenues and EBITDA in the models are based on management\u2019s past experience and future expectations of performance. Maintenance capex is based on planned levels in the short-term and recent trends in the longer-term. A pre-tax discount rate of 13.6% in 2025 (2024:12.9%) has been derived from a weighted average cost of capital (WACC) calculation and benchmarked against similar organisations operating within the sector and used to discount cash flows. EBITDA growth rates over the next five years vary by CGU between 4.2% and 7.1% and are based on management\u2019s past experience and expectations of future market performance. These compare to growth rates at 31 December 2024 of between 14.2% and 19.4%. Terminal growth rate of 2.0% for 2025 (2024: 2.0%) is consistent across CGUs and reflects management\u2019s past experience, expectations of future market performance, longer-term industry forecasts and inflationary expectations. The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the above assumptions, is greater than the carrying amount, with sufficient headroom under forecast and sensitised scenarios, and therefore no impairment has been recognised in 2025 (2024: \u00a3nil). The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or intangible assets. Should the costs associated with carbon emissions increase over time, this would be experienced across the industry and the Group would therefore expect to be able to recover this through its pricing strategy where possible. Primary mitigation, however, remains the focus on reducing our emissions and delivering on the plan and targets outlined within the Sustainability Report within this Annual Report and Accounts. Whilst recognising the risks associated with the longer-term demand for our products, our commitment to innovation and developing to meet the evolving needs of our customer base, paired with the acknowledged climate-related opportunities that the thermal properties of our products offer, leads the Group to the believe that the useful lives of its brands are not currently impacted by climate-related risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "13. Intangible assets
Carbon Other
Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2025
11.1
2.9
24.7
38.7
Additions
\u2013
3.6
\u2013
3.6
Asset reclass
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
(2.7)
(0.1)
(2.8)
At 31 December 2025
11.1
3.8
24.6
39.5
Accumulated amortisation and impairment
At 1 January 2025
(4.7)
\u2013
(22.4)
(27.1)
Charge for the year
\u2013
\u2013
(0.9)
(0.9)
At 31 December 2025
(4.7)
\u2013
(23.3)
(28.0)
Net book value
At 1 January 2025
6.4
2.9
2.3
11.6
At 31 December 2025
6.4
3.8
1.3
11.5
Carbon Other
Brand credits intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
11.1
8.9
24.6
44.6
Additions
\u2013
\u2013
0.1
0.1
Asset reclass
\u2013
\u2013
0.1
0.1
Disposals
\u2013
(6.0)
(0.1)
(6.1)
At 31 December 2024
11.1
2.9
24.7
38.7
Accumulated amortisation and impairment
At 1 January 2024
(4.7)
\u2013
(20.7)
(25.4)
Charge for the year
\u2013
\u2013
(1.7)
(1.7)
At 31 December 2024
(4.7)
\u2013
(22.4)
(27.1)
Net book value
At 1 January 2024
6.4
8.9
3.9
19.2
At 31 December 2024
6.4
2.9
2.3
11.6
The brand category comprises the acquired Thermalite and Bison Precast brands, components of the Bricks and Blocks and Bespoke Products reportable segments respectively. The other intangibles category consists of purchases of clay rights, merchant relationships and software development costs. These are attributable to both reportable segments. Additions relating to the upgrading of Group IT systems were less than \u00a30.1m in the year (2024: \u00a30.1m). No own work has been capitalised within software additions during the year (2024: \u00a3nil). Carbon credits are purchased to satisfy compliance obligations of the Group, and whilst there is no obligation to utilise this within the next 12 months; a proportion of the year end balance is expected to be surrendered within 2026. Due to the nature of carbon credits being part of the Group\u2019s operating activities, any purchases made during the year are included in cash flows from operating activities within the Consolidated Statement of Cash Flows. Impairment of intangible assets Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consist of the Thermalite brand (net book value \u00a36.0m) which is allocated to the Aircrete blocks CGU within the Bricks and Blocks reportable segment and the Bison Precast brand (net book value \u00a30.4m) which is allocated to the Bespoke Products segment. Both brands are considered to have no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the Group. These assets are not amortised but are subject to annual impairment tests. The Group estimates recoverable amount using a value-in-use model by projecting pre-tax cash flows over the indefinite useful life. The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA margin, capital expenditure and the discount rate. The forecast revenues and EBITDA in the models are based on management\u2019s past experience and future expectations of performance. Maintenance capex is based on planned levels in the short-term and recent trends in the longer-term. A pre-tax discount rate of 13.6% in 2025 (2024:12.9%) has been derived from a weighted average cost of capital (WACC) calculation and benchmarked against similar organisations operating within the sector and used to discount cash flows. EBITDA growth rates over the next five years vary by CGU between 4.2% and 7.1% and are based on management\u2019s past experience and expectations of future market performance. These compare to growth rates at 31 December 2024 of between 14.2% and 19.4%. Terminal growth rate of 2.0% for 2025 (2024: 2.0%) is consistent across CGUs and reflects management\u2019s past experience, expectations of future market performance, longer-term industry forecasts and inflationary expectations. The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the above assumptions, is greater than the carrying amount, with sufficient headroom under forecast and sensitised scenarios, and therefore no impairment has been recognised in 2025 (2024: \u00a3nil). The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or intangible assets. Should the costs associated with carbon emissions increase over time, this would be experienced across the industry and the Group would therefore expect to be able to recover this through its pricing strategy where possible. Primary mitigation, however, remains the focus on reducing our emissions and delivering on the plan and targets outlined within the Sustainability Report within this Annual Report and Accounts. Whilst recognising the risks associated with the longer-term demand for our products, our commitment to innovation and developing to meet the evolving needs of our customer base, paired with the acknowledged climate-related opportunities that the thermal properties of our products offer, leads the Group to the believe that the useful lives of its brands are not currently impacted by climate-related risk", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "
Impairment of intangible assets
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist of the Thermalite brand (net book value \u00a36.0m) which is
allocated to the Aircrete blocks CGU within the Bricks and Blocks reportable segment and the Bison Precast
brand (net book value \u00a30.4m) which is allocated to the Bespoke Products segment. Both brands are
considered to have no foreseeable limit to the period over which the asset is expected to generate net cash
inflows for the Group. These assets are not amortised but are subject to annual impairment tests. The Group
estimates recoverable amount using a value-in-use model by projecting pre-tax cash flows over the
indefinite useful life. The key assumptions underpinning recoverable amounts are forecast revenue, EBITDA
margin, capital expenditure and the discount rate. The forecast revenues and EBITDA in the models are
based on management\u2019s past experience and future expectations of performance. Maintenance capex
is based on planned levels in the short-term and recent trends in the longer-term. A pre-tax discount rate of
13.6% in 2025 (2024:12.9%) has been derived from a weighted average cost of capital (WACC) calculation
and benchmarked against similar organisations operating within the sector and used to discount cash flows.
EBITDA growth rates over the next five years vary by CGU between 4.2% and 7.1% and are based on
management\u2019s past experience and expectations of future market performance. These compare to growth
rates at 31 December 2024 of between 14.2% and 19.4%.
Terminal growth rate of 2.0% for 2025 (2024: 2.0%) is consistent across CGUs and reflects management\u2019s
past experience, expectations of future market performance, longer-term industry forecasts and inflationary
expectations.
The recoverable amounts in respect of indefinite life intangibles, as assessed by management using the
above assumptions, is greater than the carrying amount, with sufficient headroom under forecast and
sensitised scenarios, and therefore no impairment has been recognised in 2025 (2024: \u00a3nil).
Impairment of tangible assets Any impairment of tangible assets is determined in line with Group accounting policies. In the current year, the Group has recognised impairments of \u00a32.3m, against certain items of plant and machinery. These impairments were in relation to the strategic closures of two non-core businesses, being Formpave in Coleford, Gloucestershire (\u00a31.0m) and the Bison Bespoke Precast business in Somercotes, Derbyshire (\u00a31.3m). As a consequence of the site closures, asset values at these sites are not supportable by value-in-use assessments. Instead, in assessing the carrying values of assets at these sites, management has relied on estimates of fair value less costs to sell. As observable transaction evidence was unavailable for these assessments, fair values are based on unobservable inputs using the best information available and management assumptions (level 3 hierarchy). Impairments against plant and machinery held at Formpave and Bison Bespoke Precast businesses have been recorded as an exceptional items. For further details, see note 8. In addition, an accelerated depreciation charge of \u00a30.2m was recognised as an operating expense in relation to an asset at a manufacturing site that remains in operation, where a clear indication of impairment was identified. The Group has considered the assumptions used within the scenario analysis exercise undertaken to better understand the possible range of risks and opportunities our business could face under different future climate forecasts made in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback period of the CGUs of the Group, no issues were identified that would impact the carrying values of either tangible or intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
14. Property, plant and equipment
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2025
185.7
315.5
501.2
Additions
3.5
13.0
16.5
Asset reclass
2
0.1
(0.1)
\u2013
Reclassification to assets held for sale
1
(4.7)
(5.9)
(10.6)
Disposals
\u2013
(3.4)
(3.4)
Change in the value of decommissioning assets
0.6
\u2013
0.6
At 31 December 2025
185.2
319.1
504.3
Accumulated depreciation and impairment
At 1 January 2025
(59.1)
(178.3)
(237.4)
Charge for the year
(2.8)
(10.0)
(12.8)
Reclassification to assets held for sale
1
2.1
5.5
7.6
Asset impairments
\u2013
(2.3)
(2.3)
Disposals
\u2013
3.4
3.4
Change in the value of decommissioning assets
\u2013
\u2013
\u2013
At 31 December 2025
(59.8)
(181.7)
(241.5)
Net book value
At 1 January 2025
126.6
137.2
263.8
At 31 December 2025
125.4
137.4
262.8
1. Assets associated with Cradley and Somercotes sites have been reclassified as held for sale, after management
assessments that the primarily economic benefit from these assets would come from a disposal. Further details of these
reclassifications can be found in note 15.
2. Asset reclasses represent transfers of assets between categories where assets under construction were previously
reported within plant and machinery.
Land and Plant and
buildings machinery Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
180.1
310.3
490.4
Additions
9.0
18.9
27.9
Asset reclass
2
0.2
(0.3)
(0.1)
Reclassification to assets held for sale
\u2013
\u2013
\u2013
Disposals
(2.7)
(13.4)
(16.1)
Change in the value of decommissioning assets
(0.9)
\u2013
(0.9)
At 31 December 2024
185.7
315.5
501.2
Accumulated depreciation and impairment
At 1 January 2024
(59.1)
(181.6)
(240.7)
Charge for the year
(2.8)
(10.1)
(12.9)
Reclassification to assets held for sale
\u2013
\u2013
\u2013
Asset impairments
\u2013
\u2013
\u2013
Disposals
2.7
13.4
16.1
Change in the value of decommissioning assets
0.1
\u2013
0.1
At 31 December 2024
(59.1)
(178.3)
(237.4)
Net book value
At 1 January 2024
121.0
128.7
249.7
At 31 December 2024
126.6
137.2
263.8
Land and buildings comprise sites used for administration, distribution, manufacturing and mineral extraction.
Each asset is used to generate operating cash flows and rates of depreciation reflect this use. Quarries and
manufacturing facilities are classified under land and buildings. Quarrying enables manufacturing and is not
carried out for any other economic purpose. The two are therefore not considered to be distinct.
At 31 December 2025, capital commitments not yet incurred totalled \u00a35.0m (2024: \u00a39.2m).
Included within property, plant and equipment are assets under the course of construction of \u00a341.2m (2024:
\u00a348.8m), comprising of \u00a311.6m (2024: \u00a315.3m) for land and buildings and \u00a329.6m (2024: \u00a333.5m) for plant
and machinery.
Land and buildings
Plant and machinery
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Strategic:
Desford brick factory
\u2013
4.1
\u2013
0.1
Wilnecote brick factory redevelopment
10.6
8.5
27.7
21.8
Accrington brick slip development
\u2013
1.4
\u2013
10.4
Maintenance:
Other assets
1.0
1.3
1.9
1.2
11.6
15.3
29.6
33.5
Impairment of tangible assets
Any impairment of tangible assets is determined in line with Group accounting policies.
In the current year, the Group has recognised impairments of \u00a32.3m, against certain items of plant and
machinery. These impairments were in relation to the strategic closures of two non-core businesses, being
Formpave in Coleford, Gloucestershire (\u00a31.0m) and the Bison Bespoke Precast business in Somercotes,
Derbyshire (\u00a31.3m). As a consequence of the site closures, asset values at these sites are not supportable
by value-in-use assessments. Instead, in assessing the carrying values of assets at these sites, management
has relied on estimates of fair value less costs to sell. As observable transaction evidence was unavailable for
these assessments, fair values are based on unobservable inputs using the best information available and
management assumptions (level 3 hierarchy). Impairments against plant and machinery held at Formpave
and Bison Bespoke Precast businesses have been recorded as an exceptional items. For further details,
see note 8. In addition, an accelerated depreciation charge of \u00a30.2m was recognised as an operating expense
in relation to an asset at a manufacturing site that remains in operation, where a clear indication of impairment
was identified.
The Group has considered the assumptions used within the scenario analysis exercise undertaken to better
understand the possible range of risks and opportunities our business could face under different future
climate forecasts made in accordance with the recommendations of the Task Force on Climate-related
Financial Disclosure. In doing so, the Group has concluded that there is no material impact necessary for
inclusion within modelling scenarios for impairment purposes. Given the profitability and short payback
period of the CGUs of the Group, no issues were identified that would impact the carrying values of either
tangible or intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
15. Assets held for sale
In the current year, management considers the associated assets held at its Cradley and Somercotes sites
to meet the classification of assets held for sale, being available for immediate sale in their present condition
and a sale highly probable.
In both instances the fair value of the asset less costs to sell has been assessed as exceeding the asset\u2019s
carrying value, and there were no liabilities directly associated with the assets. No impairment charge was
associated with these assets reclassified as held for sale during the year.
2025 2024
Site
Classification
 \u00a3m \u00a3m
Somercotes
Land and buildings
2.1
\u2013
Somercotes
Plant and machinery
0.4
\u2013
Cradley
Land and buildings
0.5
\u2013
3.0
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
16. Inventories
2025 2024
\u00a3m \u00a3m
Raw materials
10.8
11.3
Work in progress
1.8
1.9
Finished goods
62.7
66.6
Other inventory
3.3
2.2
78.6
82.0
Costs relating to raw materials and consumables included within cost of sales during the year were \u00a381.0m
(2024: \u00a373.4m). Employment expenses within cost of sales totalled \u00a365.2m (2024: \u00a359.4m).
The balance in other inventory mainly comprises packaging and consumables.
Write-downs of inventories recognised as an expense in the year were \u00a32.7m (2024: \u00a33.8m). Reversals of
previous inventory write-downs in the period were \u00a31.3m (2024: \u00a32.8m). Reversals of inventory write-downs
are primarily due to changes in provision estimates and judgements for obsolete or slow-moving inventory.
There is no significant difference between the replacement cost of inventories and their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
17. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
31.7
34.4
Other receivables
1.0
1.2
Prepayments
2.7
3.4
35.4
39.0
The ageing profile of trade receivables is:
2025 2024
\u00a3m \u00a3m
Trade receivables not yet due
27.4
28.6
1 to 30 days past due
2.8
3.2
31 to 60 days past due
0.5
0.9
61 to 90 days past due
0.5
1.0
Over 90 days past due
0.5
0.7
31.7
34.4
Included within trade receivables are balances which are past due at the balance sheet date but have not
been provided for. These balances relate to customers who have no recent history of default and whose
debts are considered to be recoverable.
Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and
that appropriate credit limits are in place and enforced. Provisions for impairment are calculated by reviewing
lifetime expected credit losses as further detailed in note 23. An analysis of the provision movement in the
current year is as follows:
2025 2024
\u00a3m \u00a3m
At the start of the year
0.7
0.7
Statement of Total Comprehensive Income charge
\u2013
\u2013
Written off
\u2013
\u2013
At the end of the year
0.7
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "17. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
31.7
34.4
Other receivables
1.0
1.2
Prepayments
2.7
3.4
35.4
39.0
The ageing profile of trade receivables is:
2025 2024
\u00a3m \u00a3m
Trade receivables not yet due
27.4
28.6
1 to 30 days past due
2.8
3.2
31 to 60 days past due
0.5
0.9
61 to 90 days past due
0.5
1.0
Over 90 days past due
0.5
0.7
31.7
34.4
Included within trade receivables are balances which are past due at the balance sheet date but have not been provided for. These balances relate to customers who have no recent history of default and whose debts are considered to be recoverable. Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate credit limits are in place and enforced. Provisions for impairment are calculated by reviewing lifetime expected credit losses as further detailed in note 23. An analysis of the provision movement in the current year is as follows:
2025 2024
\u00a3m \u00a3m
At the start of the year
0.7
0.7
Statement of Total Comprehensive Income charge
\u2013
\u2013
Written off
\u2013
\u2013
At the end of the year
0.7
0.7
26. Deferred tax The analysis of deferred tax liabilities is as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
14.0
12.9
The movement in deferred tax assets/(liabilities) is as follows:
Fixed Intangible Share-based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(3.3)
(0.3)
\u2013
\u2013
(0.5)
(4.1)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
Other movements
0.2
(0.2)
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2024
(15.3)
2.9
(1.0)
1.0
(0.5)
(12.9)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(1.2)
0.2
\u2013
0.3
(0.6)
(1.3)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Other movements
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
(16.3)
3.2
(1.0)
1.2
(1.1)
(14.0)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using the corporation tax rate applicable to the timing of their reversal. Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle the balances net.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
2025 2024
\u00a3m \u00a3m
Trade receivables
31.7
34.4
Other receivables
1.0
1.2
Prepayments
2.7
3.4
35.4
39.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
18. Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
6.1
15.2
Cash at bank and in hand is held in pounds sterling and euros. As at 31 December 2025, \u00a30.3m was held
in euros (2024: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
6.1
15.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
19. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
39.7
39.9
Payroll tax and other statutory liabilities
7.3
9.1
Accrued liabilities and other payables
22.8
19.7
69.8
68.7
The other payables balance contains predominantly amounts owed in relation to rents, rates and
pension liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "19. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
39.7
39.9
Payroll tax and other statutory liabilities
7.3
9.1
Accrued liabilities and other payables
22.8
19.7
69.8
68.7
The other payables balance contains predominantly amounts owed in relation to rents, rates and pension liabilities. 26. Deferred tax The analysis of deferred tax liabilities is as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
14.0
12.9
The movement in deferred tax assets/(liabilities) is as follows:
Fixed Intangible Share-based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(3.3)
(0.3)
\u2013
\u2013
(0.5)
(4.1)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
Other movements
0.2
(0.2)
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2024
(15.3)
2.9
(1.0)
1.0
(0.5)
(12.9)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(1.2)
0.2
\u2013
0.3
(0.6)
(1.3)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Other movements
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
(16.3)
3.2
(1.0)
1.2
(1.1)
(14.0)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using the corporation tax rate applicable to the timing of their reversal. Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle the balances net.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
2025 2024
\u00a3m \u00a3m
Trade payables
39.7
39.9
Payroll tax and other statutory liabilities
7.3
9.1
Accrued liabilities and other payables
22.8
19.7
69.8
68.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
20. Loans and borrowings
2025 2024
\u00a3m \u00a3m
Current loans and borrowings:
Interest
0.2
0.7
Non-current loans and borrowings:
Capitalised financing costs
(0.4)
(0.6)
Revolving credit facility
62.0
100.0
61.8
100.1
The Group\u2019s credit facility comprises a committed revolving credit facility (RCF) of \u00a3170m which, following
the exercise of the extension option during 2025, extends to June 2028. The Group also benefits from an
uncommitted overdraft facility of \u00a310.0m.
Interest is calculated using SONIA plus a margin, with the margin grid ranging from 1.65% at a leverage of
less than 0.5 times, extending to a margin of 2.75% when leverage exceeds 2.5 times.
The facility is subject to covenant restrictions of net debt/adjusted EBITDA (as measured before the impact
of IFRS 16) of less than three times and interest cover of greater than four times.
On exercising the extension of our facility, the Group elected to remove the link to long-term sustainability
targets. The Group had missed these targets following the sudden decline in its markets in 2023 and the
resultant impact on efficiency, meaning that the sustainability link was increasing borrowing and compliance
costs. The Group remains committed to its long-term sustainability journey and the linkage of financing to
these targets did not influence decision-making in this area. The removal of the sustainability link was
assessed under the relevant modification guidance and was not considered to constitute a substantial
modification.
The facility remains secured by fixed charges over the shares of Forterra Building Products Limited and
Forterra Holdings Limited.
23. Financial instruments
2025 2024
Note \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
18
6.1
15.2
Trade and other receivables (excluding prepayments) 17
32.7
35.6
Derivative financial assets
0.7
7.9
39.5
58.7
2025 2024
Note \u00a3m \u00a3m
Financial liabilities
Trade and other payables (excluding non-financial liabilities)
19
62.5
59.6
Loans and borrowings
20
61.8
100.1
Lease liabilities
25
19.9
20.9
Derivative financial liabilities
\u2013
0.1
144.2
180.7
Cash and cash equivalents, trade and other receivables, trade and other payables and derivative financial instruments as referenced above are derived directly from operations. Loans and borrowings and lease liabilities are arranged periodically to finance operating and investing activities. All financial assets and liabilities are held at amortised cost, with the exception of derivatives which are held at fair value based on future energy price forecasts from third-party experts and modelled against contracted volume. These instruments are measured at fair value using level 2 valuation techniques subsequent to initial recognition. Capital management The Group manages capital (being loans and borrowings, cash and cash equivalents and equity) to ensure a sufficiently strong capital base to support the Group remaining a going concern, maintain investor and creditor confidence, provide a basis for future development of the business and maximise the return to stakeholders. The Group manages its loans and borrowings to ensure continuity of funding. A key objective is to ensure compliance with the covenants set out in the Group\u2019s bank facility agreements. In managing capital, the Group may purchase its own shares on the open market. These purchases meet the Group\u2019s obligation to employees under the Group\u2019s share-based payment schemes. There has been no change in the objectives, policies or processes with regard to capital management during the years ended 31 December 2024 and 31 December 2025. Financial risk management The Group\u2019s activities expose it to a variety of financial risks including market risk, credit risk and liquidity risk. The Group uses derivative financial instruments to periodically manage risks if it is judged to be prudent. The risk management framework governing the management of these and all other business risks is set by the Board of Forterra plc. Foreign exchange risk The functional and presentational currency of the Group is pounds sterling, although some transactions are executed in euros. The transactional amounts realised or settled are therefore subject to the effect of movements in these currencies against pounds sterling. Foreign currency exposure is centrally managed by the Group\u2019s Treasury function using forward foreign exchange contracts and currency options. Principal rate of exchange: euro/sterling
2025 2024
\u00a3m \u00a3m
Year end
1.15
1.20
Average
1.17
1.18
Cash flow hedges The Group has previously entered into forward currency contracts which are designated as cash flow hedges. When undertaken, these are entered into to mitigate the Group\u2019s exposure to fluctuations in foreign currency exchange rates in relation to committed spend on property, plant and equipment. The Group has, during both the current and prior year held foreign forward contracts over purchases of equipment for the redevelopment of its Wilnecote facility, the payments for which are denominated in euro. At 31 December 2025, no balances remained undrawn under these forward contracts (2024: \u20ac4.5m). All contracts open for Wilnecote during 2025 were fully utilised in the period to 31 December 2025. The Group classifies its forward foreign exchange contracts as cash flow hedges and holds them at fair value. The fair value of the cash flow hedges in place at 31 December 2025 was \u00a3nil (2024: liability of \u00a30.1m), which is adjusted against the cash flow hedge reserve. During the year, an income of \u00a30.2m (2024: loss of \u00a30.1m) has been recognised in Other Comprehensive Income in relation to these contracts. Interest risk The Group has secured its borrowings from a group of leading banks under a revolving credit facility. These facilities allow the Group to meet short, medium and long-term financing requirements at a margin over SONIA. The Group manages interest risk on an ongoing basis and reviews options available to hedge part of the variable rate risk. A sensitivity analysis has been performed based on the exposure to interest rates at the balance sheet date. Based on the average borrowings drawn down in 2025, a 1.0% increase or decrease in interest rates, with all other variables held constant, would increase or decrease profit before taxation by \u00a30.9m (2024: \u00a31.2m) for the year ended 31 December 2025. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises on cash balances (including bank deposits and cash and cash equivalents) and credit exposure to customers through trade and other receivables. A financial asset is in default when the counterparty fails to pay its contractual obligations. Financial assets are impaired when there is no reasonable expectation of recovery. To dilute and mitigate the financial credit risk associated with cash balances, the Group deposits cash and cash equivalents with multiple highly rated counterparties. Credit risk associated with trade receivables results from normal commercial operations. Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate credit limits are in place and enforced. Trade and other receivables are stated net of management estimated expected credit losses. With respect to trade and other receivables, an impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Impairments of trade receivables in the year were less than \u00a30.1m (2024: less than \u00a30.1m). Commodity price risk Forward purchased energy contracts The substantial energy requirements of the Group are closely managed to ensure that the impact of fluctuating energy costs can be removed as far as possible; allowing management to have some certainty over likely energy costs and providing a reasonable basis on which to budget. Contracts with energy suppliers are entered into allowing prices to be fixed, by month, for volumes the Group expects to use. Under normal circumstances, the Group takes delivery of and consumes all of the gas and electricity under each contract, and in doing so satisfies the requirements under IFRS 9 to follow the own use exemption in accounting for these. As such, the costs associated with the purchase of gas and electricity are accounted for in the Statement of Total Comprehensive Income at the point of consumption, and contracts are not held at fair value. The decline in the Group\u2019s market conditions during 2023, and subsequent reductions made to production resulted in open forward contracts for some periods where the committed volume of gas exceeded budgeted total consumption. In these instances, the quantities which have been \u2018over purchased\u2019 are sold back to the market, crystallising a realised gain or loss. As was the case in prior years, any open contracts where management expects to sell surplus gas back to the market fail the own use exemption, and in accordance with IFRS 9, are accounted for as derivatives. As at 31 December 2025 the Group has recognised a current asset of \u00a30.7m (2024: \u00a35.1m) in relation to these contracts. No non-current asset has been recognised (2024: \u00a32.8m). The values are calculated with reference to all forward purchased contracts within which a sale back to the market is expected to occur, and reflect not only the portion of such contracts expected to be sold, but also the fair value of the remaining quantity which is expected to be consumed by the Group during the normal course of business. For the purposes of internal reporting to management and the Board, the Group continues to measure these contracts as if the own use exemption could still be applied, recognising energy costs at the contracted rate in the period of consumption. In order to allow users of the accounts to review this operationally aligned reporting, the movement due to the fair value treatment of energy derivatives since 31 December 2024, being a charge of \u00a37.2m in the statutory versus adjusted results, has been presented as an adjusting item in these Consolidated Financial Statements. Further details can be found in note 31. The Group has not historically, and has no future plans to, intentionally purchase gas or electricity to sell and these current circumstances are solely the result of market conditions. Liquidity risk The Group\u2019s borrowing facilities are available to ensure that there is sufficient liquidity to exceed maximum forecast cash flow requirements in all reasonably possible circumstances. The Group monitors cash flow on a weekly basis to ensure that headroom exists within current agreed facilities and updates the Executive Committee on liquidity and the sources of cash flow performance and forecasts.
The maturity profile of contractual undiscounted cash outflows, including expected interest payments, which are payable under financial liabilities at the balance sheet date is set out below:
Less than One to Two to Three to Four to Greater than
one year two years three years four years five years five years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
62.5
\u2013
\u2013
\u2013
\u2013
\u2013
62.5
Loans and borrowings
5.3
14.6
56.8
\u2013
\u2013
\u2013
76.7
Lease liabilities
7.4
6.9
4.0
2.0
0.7
0.5
21.5
75.2
21.5
60.8
2.0
0.7
0.5
160.7
Less than One to Two to Three to Four to Greater than
one year two years three years four years five years five years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
59.6
\u2013
\u2013
\u2013
\u2013
\u2013
59.6
Loans and borrowings
33.3
25.1
54.6
\u2013
\u2013
\u2013
113.0
Lease liabilities
6.5
6.2
5.6
2.8
1.1
0.7
22.9
Derivative liabilities
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
99.5
31.3
60.2
2.8
1.1
0.7
195.6
The maturity profile for loans and borrowings is structured around management\u2019s viability modelling. There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities.
A reconciliation of liabilities arising from financing activities has been detailed below:
At At
1 January Interest Capitalised New 31 December
2025 Cash flow
charge
1
Disposal interest leases 2025
2025 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
20
100.1
(45.8)
5.0
\u2013
2.5
\u2013
61.8
Lease liabilities
25
20.9
(6.9)
0.9
(0.1)
\u2013
5.1
19.9
At At
1 January Interest Capitalised New 31 December
2024 Cash flow
charge
1
Disposal interest leases 2024
2024 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
20
109.2
(19.2)
8.0
\u2013
2.1
\u2013
100.1
Lease liabilities
25
24.2
(6.9)
1.0
(0.1)
\u2013
2.7
20.9
1. Interest charged is shown inclusive of the amortisation of capitalised finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "20. Loans and borrowings
2025 2024
\u00a3m \u00a3m
Current loans and borrowings:
Interest
0.2
0.7
Non-current loans and borrowings:
Capitalised financing costs
(0.4)
(0.6)
Revolving credit facility
62.0
100.0
61.8
100.1
The Group\u2019s credit facility comprises a committed revolving credit facility (RCF) of \u00a3170m which, following the exercise of the extension option during 2025, extends to June 2028. The Group also benefits from an uncommitted overdraft facility of \u00a310.0m. Interest is calculated using SONIA plus a margin, with the margin grid ranging from 1.65% at a leverage of less than 0.5 times, extending to a margin of 2.75% when leverage exceeds 2.5 times. The facility is subject to covenant restrictions of net debt/adjusted EBITDA (as measured before the impact of IFRS 16) of less than three times and interest cover of greater than four times. On exercising the extension of our facility, the Group elected to remove the link to long-term sustainability targets. The Group had missed these targets following the sudden decline in its markets in 2023 and the resultant impact on efficiency, meaning that the sustainability link was increasing borrowing and compliance costs. The Group remains committed to its long-term sustainability journey and the linkage of financing to these targets did not influence decision-making in this area. The removal of the sustainability link was assessed under the relevant modification guidance and was not considered to constitute a substantial modification. The facility remains secured by fixed charges over the shares of Forterra Building Products Limited and Forterra Holdings Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
21. Notes to the Consolidated Statement of Cash Flows
2025 2024
Note \u00a3m \u00a3m
Cash flows from operating activities
Profit before tax
23.3
24.8
Finance expense
9
6.0
9.1
Exceptional items
8
6.7
2.9
Adjusting items 31
6.0
(5.6)
Adjusted operating profit
42.0
31.2
Adjustments for:
Depreciation and amortisation
13, 14, 25
19.6
20.8
Movement in provisions
0.2
(5.6)
Purchase of carbon credits
13
(3.6)
\u2013
Settlement of carbon credits
13
2.7
6.0
Share-based payments
28
1.4
1.0
Other non-cash items
(1.4)
(1.9)
Changes in working capital:
Inventories
2.5
13.8
Trade and other receivables
3.5
(8.0)
Trade and other payables
1.8
2.8
Adjusted cash generated from operations
68.7
60.1
Cash flows relating to operating exceptional items
(1.8)
(6.5)
Cash flows relating to operating adjusting items
1.2
(1.8)
Cash generated from operations
68.1
51.8
22. Net debt
2025 2024
Note \u00a3m \u00a3m
Cash and cash equivalents
18
6.1
15.2
Loans and borrowings
20
(61.8)
(100.1)
Lease liabilities
25
(19.9)
(20.9)
Net debt
(75.6)
(105.8)
Reconciliation of net debt
2025 2024
Note \u00a3m \u00a3m
Adjusted cash generated from operations
68.7
60.1
Payments made in respect of exceptional items
(1.8)
(6.5)
Receipts/(payments) arising in respect of adjusting items
1.2
(1.8)
Cash generated from operations
68.1
51.8
Interest paid
(8.0)
(10.0)
Tax (paid)/credit
(1.1)
0.4
Net cash outflow from investing activities
(14.5)
(25.6)
Dividends paid 11
(8.2)
(6.3)
Purchase of shares by Employee Benefit Trust
(0.7)
\u2013
Proceeds from sale of shares by Employee Benefit Trust
\u2013
5.1
New lease liabilities 25
(5.1)
(2.7)
Other financing movement
(0.3)
(1.1)
Decrease in net debt
30.2
11.6
Net debt at the start of the year
(105.8)
(117.4)
Net debt at the end of the year
(75.6)
(105.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "22. Net debt
2025 2024
Note \u00a3m \u00a3m
Cash and cash equivalents
18
6.1
15.2
Loans and borrowings
20
(61.8)
(100.1)
Lease liabilities
25
(19.9)
(20.9)
Net debt
(75.6)
(105.8)
Reconciliation of net debt
2025 2024
Note \u00a3m \u00a3m
Adjusted cash generated from operations
68.7
60.1
Payments made in respect of exceptional items
(1.8)
(6.5)
Receipts/(payments) arising in respect of adjusting items
1.2
(1.8)
Cash generated from operations
68.1
51.8
Interest paid
(8.0)
(10.0)
Tax (paid)/credit
(1.1)
0.4
Net cash outflow from investing activities
(14.5)
(25.6)
Dividends paid 11
(8.2)
(6.3)
Purchase of shares by Employee Benefit Trust
(0.7)
\u2013
Proceeds from sale of shares by Employee Benefit Trust
\u2013
5.1
New lease liabilities 25
(5.1)
(2.7)
Other financing movement
(0.3)
(1.1)
Decrease in net debt
30.2
11.6
Net debt at the start of the year
(105.8)
(117.4)
Net debt at the end of the year
(75.6)
(105.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
2025 2024
Note \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
18
6.1
15.2
Trade and other receivables (excluding prepayments) 17
32.7
35.6
Derivative financial assets
0.7
7.9
39.5
58.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
2025 2024
Note \u00a3m \u00a3m
Financial liabilities
Trade and other payables (excluding non-financial liabilities)
19
62.5
59.6
Loans and borrowings
20
61.8
100.1
Lease liabilities
25
19.9
20.9
Derivative financial liabilities
\u2013
0.1
144.2
180.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
Capital management
The Group manages capital (being loans and borrowings, cash and cash equivalents and equity) to ensure
a sufficiently strong capital base to support the Group remaining a going concern, maintain investor
and creditor confidence, provide a basis for future development of the business and maximise the return
to stakeholders.
The Group manages its loans and borrowings to ensure continuity of funding. A key objective is to ensure
compliance with the covenants set out in the Group\u2019s bank facility agreements.
In managing capital, the Group may purchase its own shares on the open market. These purchases meet
the Group\u2019s obligation to employees under the Group\u2019s share-based payment schemes.
There has been no change in the objectives, policies or processes with regard to capital management during
the years ended 31 December 2024 and 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Financial risk management The Group\u2019s activities expose it to a variety of financial risks including market risk, credit risk and liquidity risk. The Group uses derivative financial instruments to periodically manage risks if it is judged to be prudent. The risk management framework governing the management of these and all other business risks is set by the Board of Forterra plc. Foreign exchange risk The functional and presentational currency of the Group is pounds sterling, although some transactions are executed in euros. The transactional amounts realised or settled are therefore subject to the effect of movements in these currencies against pounds sterling. Foreign currency exposure is centrally managed by the Group\u2019s Treasury function using forward foreign exchange contracts and currency options. Principal rate of exchange: euro/sterling
2025 2024
\u00a3m \u00a3m
Year end
1.15
1.20
Average
1.17
1.18
Cash flow hedges The Group has previously entered into forward currency contracts which are designated as cash flow hedges. When undertaken, these are entered into to mitigate the Group\u2019s exposure to fluctuations in foreign currency exchange rates in relation to committed spend on property, plant and equipment. The Group has, during both the current and prior year held foreign forward contracts over purchases of equipment for the redevelopment of its Wilnecote facility, the payments for which are denominated in euro. At 31 December 2025, no balances remained undrawn under these forward contracts (2024: \u20ac4.5m). All contracts open for Wilnecote during 2025 were fully utilised in the period to 31 December 2025. The Group classifies its forward foreign exchange contracts as cash flow hedges and holds them at fair value. The fair value of the cash flow hedges in place at 31 December 2025 was \u00a3nil (2024: liability of \u00a30.1m), which is adjusted against the cash flow hedge reserve. During the year, an income of \u00a30.2m (2024: loss of \u00a30.1m) has been recognised in Other Comprehensive Income in relation to these contracts. Interest risk The Group has secured its borrowings from a group of leading banks under a revolving credit facility. These facilities allow the Group to meet short, medium and long-term financing requirements at a margin over SONIA. The Group manages interest risk on an ongoing basis and reviews options available to hedge part of the variable rate risk. A sensitivity analysis has been performed based on the exposure to interest rates at the balance sheet date. Based on the average borrowings drawn down in 2025, a 1.0% increase or decrease in interest rates, with all other variables held constant, would increase or decrease profit before taxation by \u00a30.9m (2024: \u00a31.2m) for the year ended 31 December 2025. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises on cash balances (including bank deposits and cash and cash equivalents) and credit exposure to customers through trade and other receivables. A financial asset is in default when the counterparty fails to pay its contractual obligations. Financial assets are impaired when there is no reasonable expectation of recovery. To dilute and mitigate the financial credit risk associated with cash balances, the Group deposits cash and cash equivalents with multiple highly rated counterparties. Credit risk associated with trade receivables results from normal commercial operations. Procedures are in place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate credit limits are in place and enforced. Trade and other receivables are stated net of management estimated expected credit losses. With respect to trade and other receivables, an impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Impairments of trade receivables in the year were less than \u00a30.1m (2024: less than \u00a30.1m).
Commodity price risk
Forward purchased energy contracts
The substantial energy requirements of the Group are closely managed to ensure that the impact of
fluctuating energy costs can be removed as far as possible; allowing management to have some certainty
over likely energy costs and providing a reasonable basis on which to budget. Contracts with energy
suppliers are entered into allowing prices to be fixed, by month, for volumes the Group expects to use.
Under normal circumstances, the Group takes delivery of and consumes all of the gas and electricity under
each contract, and in doing so satisfies the requirements under IFRS 9 to follow the own use exemption in
accounting for these. As such, the costs associated with the purchase of gas and electricity are accounted
for in the Statement of Total Comprehensive Income at the point of consumption, and contracts are not held
at fair value.
The decline in the Group\u2019s market conditions during 2023, and subsequent reductions made to production
resulted in open forward contracts for some periods where the committed volume of gas exceeded
budgeted total consumption. In these instances, the quantities which have been \u2018over purchased\u2019 are sold
back to the market, crystallising a realised gain or loss. As was the case in prior years, any open contracts
where management expects to sell surplus gas back to the market fail the own use exemption, and in
accordance with IFRS 9, are accounted for as derivatives. As at 31 December 2025 the Group has
recognised a current asset of \u00a30.7m (2024: \u00a35.1m) in relation to these contracts. No non-current asset has
been recognised (2024: \u00a32.8m). The values are calculated with reference to all forward purchased contracts
within which a sale back to the market is expected to occur, and reflect not only the portion of such
contracts expected to be sold, but also the fair value of the remaining quantity which is expected to be
consumed by the Group during the normal course of business.
For the purposes of internal reporting to management and the Board, the Group continues to measure these
contracts as if the own use exemption could still be applied, recognising energy costs at the contracted rate
in the period of consumption. In order to allow users of the accounts to review this operationally aligned
reporting, the movement due to the fair value treatment of energy derivatives since 31 December 2024,
being a charge of \u00a37.2m in the statutory versus adjusted results, has been presented as an adjusting item in
these Consolidated Financial Statements. Further details can be found in note 31.
The Group has not historically, and has no future plans to, intentionally purchase gas or electricity to sell and
these current circumstances are solely the result of market conditions.
Liquidity risk
The Group\u2019s borrowing facilities are available to ensure that there is sufficient liquidity to exceed maximum
forecast cash flow requirements in all reasonably possible circumstances. The Group monitors cash flow on
a weekly basis to ensure that headroom exists within current agreed facilities and updates the Executive
Committee on liquidity and the sources of cash flow performance and forecasts.
The maturity profile of contractual undiscounted cash outflows, including expected interest payments, which are payable under financial liabilities at the balance sheet date is set out below:
Less than One to Two to Three to Four to Greater than
one year two years three years four years five years five years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
62.5
\u2013
\u2013
\u2013
\u2013
\u2013
62.5
Loans and borrowings
5.3
14.6
56.8
\u2013
\u2013
\u2013
76.7
Lease liabilities
7.4
6.9
4.0
2.0
0.7
0.5
21.5
75.2
21.5
60.8
2.0
0.7
0.5
160.7
Less than One to Two to Three to Four to Greater than
one year two years three years four years five years five years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
59.6
\u2013
\u2013
\u2013
\u2013
\u2013
59.6
Loans and borrowings
33.3
25.1
54.6
\u2013
\u2013
\u2013
113.0
Lease liabilities
6.5
6.2
5.6
2.8
1.1
0.7
22.9
Derivative liabilities
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
99.5
31.3
60.2
2.8
1.1
0.7
195.6
The maturity profile for loans and borrowings is structured around management\u2019s viability modelling. There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities. A reconciliation of liabilities arising from financing activities has been detailed below:
At At
1 January Interest Capitalised New 31 December
2025 Cash flow
charge
1
Disposal interest leases 2025
2025 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
20
100.1
(45.8)
5.0
\u2013
2.5
\u2013
61.8
Lease liabilities
25
20.9
(6.9)
0.9
(0.1)
\u2013
5.1
19.9
At At
1 January Interest Capitalised New 31 December
2024 Cash flow
charge
1
Disposal interest leases 2024
2024 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
20
109.2
(19.2)
8.0
\u2013
2.1
\u2013
100.1
Lease liabilities
25
24.2
(6.9)
1.0
(0.1)
\u2013
2.7
20.9
1. Interest charged is shown inclusive of the amortisation of capitalised finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
Foreign exchange risk
The functional and presentational currency of the Group is pounds sterling, although some transactions
are executed in euros. The transactional amounts realised or settled are therefore subject to the effect
of movements in these currencies against pounds sterling. Foreign currency exposure is centrally managed
by the Group\u2019s Treasury function using forward foreign exchange contracts and currency options.
Principal rate of exchange: euro/sterling
2025 2024
\u00a3m \u00a3m
Year end
1.15
1.20
Average
1.17
1.18
Cash flow hedges
The Group has previously entered into forward currency contracts which are designated as cash flow
hedges. When undertaken, these are entered into to mitigate the Group\u2019s exposure to fluctuations in foreign
currency exchange rates in relation to committed spend on property, plant and equipment.
The Group has, during both the current and prior year held foreign forward contracts over purchases of
equipment for the redevelopment of its Wilnecote facility, the payments for which are denominated in euro.
At 31 December 2025, no balances remained undrawn under these forward contracts (2024: \u20ac4.5m).
All contracts open for Wilnecote during 2025 were fully utilised in the period to 31 December 2025.
The Group classifies its forward foreign exchange contracts as cash flow hedges and holds them at fair
value. The fair value of the cash flow hedges in place at 31 December 2025 was \u00a3nil (2024: liability of \u00a30.1m),
which is adjusted against the cash flow hedge reserve. During the year, an income of \u00a30.2m (2024: loss of
\u00a30.1m) has been recognised in Other Comprehensive Income in relation to these contracts.
Interest risk
The Group has secured its borrowings from a group of leading banks under a revolving credit facility. These
facilities allow the Group to meet short, medium and long-term financing requirements at a margin over
SONIA. The Group manages interest risk on an ongoing basis and reviews options available to hedge part
of the variable rate risk.
A sensitivity analysis has been performed based on the exposure to interest rates at the balance sheet date.
Based on the average borrowings drawn down in 2025, a 1.0% increase or decrease in interest rates, with
all other variables held constant, would increase or decrease profit before taxation by \u00a30.9m (2024: \u00a31.2m)
for the year ended 31 December 2025.
Commodity price risk Forward purchased energy contracts The substantial energy requirements of the Group are closely managed to ensure that the impact of fluctuating energy costs can be removed as far as possible; allowing management to have some certainty over likely energy costs and providing a reasonable basis on which to budget. Contracts with energy suppliers are entered into allowing prices to be fixed, by month, for volumes the Group expects to use. Under normal circumstances, the Group takes delivery of and consumes all of the gas and electricity under each contract, and in doing so satisfies the requirements under IFRS 9 to follow the own use exemption in accounting for these. As such, the costs associated with the purchase of gas and electricity are accounted for in the Statement of Total Comprehensive Income at the point of consumption, and contracts are not held at fair value. The decline in the Group\u2019s market conditions during 2023, and subsequent reductions made to production resulted in open forward contracts for some periods where the committed volume of gas exceeded budgeted total consumption. In these instances, the quantities which have been \u2018over purchased\u2019 are sold back to the market, crystallising a realised gain or loss. As was the case in prior years, any open contracts where management expects to sell surplus gas back to the market fail the own use exemption, and in accordance with IFRS 9, are accounted for as derivatives. As at 31 December 2025 the Group has recognised a current asset of \u00a30.7m (2024: \u00a35.1m) in relation to these contracts. No non-current asset has been recognised (2024: \u00a32.8m). The values are calculated with reference to all forward purchased contracts within which a sale back to the market is expected to occur, and reflect not only the portion of such contracts expected to be sold, but also the fair value of the remaining quantity which is expected to be consumed by the Group during the normal course of business. For the purposes of internal reporting to management and the Board, the Group continues to measure these contracts as if the own use exemption could still be applied, recognising energy costs at the contracted rate in the period of consumption. In order to allow users of the accounts to review this operationally aligned reporting, the movement due to the fair value treatment of energy derivatives since 31 December 2024, being a charge of \u00a37.2m in the statutory versus adjusted results, has been presented as an adjusting item in these Consolidated Financial Statements. Further details can be found in note 31. The Group has not historically, and has no future plans to, intentionally purchase gas or electricity to sell and these current circumstances are solely the result of market conditions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Group. Credit risk arises on cash balances (including bank deposits and cash and cash equivalents)
and credit exposure to customers through trade and other receivables. A financial asset is in default when
the counterparty fails to pay its contractual obligations.
Financial assets are impaired when there is no reasonable expectation of recovery.
To dilute and mitigate the financial credit risk associated with cash balances, the Group deposits cash and
cash equivalents with multiple highly rated counterparties.
Credit risk associated with trade receivables results from normal commercial operations. Procedures are in
place to ensure that customer creditworthiness is assessed and monitored sufficiently and that appropriate
credit limits are in place and enforced.
Trade and other receivables are stated net of management estimated expected credit losses.
With respect to trade and other receivables, an impairment analysis is performed at each reporting date using
a provision matrix to measure expected credit losses. The calculation reflects the probability-weighted
outcome, the time value of money and reasonable and supportable information that is available at
the reporting date about past events, current conditions and forecasts of future economic conditions.
Impairments of trade receivables in the year were less than \u00a30.1m (2024: less than \u00a30.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Liquidity risk The Group\u2019s borrowing facilities are available to ensure that there is sufficient liquidity to exceed maximum forecast cash flow requirements in all reasonably possible circumstances. The Group monitors cash flow on a weekly basis to ensure that headroom exists within current agreed facilities and updates the Executive Committee on liquidity and the sources of cash flow performance and forecasts. The maturity profile of contractual undiscounted cash outflows, including expected interest payments, which are payable under financial liabilities at the balance sheet date is set out below:
Less than One to Two to Three to Four to Greater than
one year two years three years four years five years five years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
62.5
\u2013
\u2013
\u2013
\u2013
\u2013
62.5
Loans and borrowings
5.3
14.6
56.8
\u2013
\u2013
\u2013
76.7
Lease liabilities
7.4
6.9
4.0
2.0
0.7
0.5
21.5
75.2
21.5
60.8
2.0
0.7
0.5
160.7
Less than One to Two to Three to Four to Greater than
one year two years three years four years five years five years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (excluding non-financial liabilities)
59.6
\u2013
\u2013
\u2013
\u2013
\u2013
59.6
Loans and borrowings
33.3
25.1
54.6
\u2013
\u2013
\u2013
113.0
Lease liabilities
6.5
6.2
5.6
2.8
1.1
0.7
22.9
Derivative liabilities
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
99.5
31.3
60.2
2.8
1.1
0.7
195.6
The maturity profile for loans and borrowings is structured around management\u2019s viability modelling. There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities. A reconciliation of liabilities arising from financing activities has been detailed below:
At At
1 January Interest Capitalised New 31 December
2025 Cash flow
charge
1
Disposal interest leases 2025
2025 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
20
100.1
(45.8)
5.0
\u2013
2.5
\u2013
61.8
Lease liabilities
25
20.9
(6.9)
0.9
(0.1)
\u2013
5.1
19.9
At At
1 January Interest Capitalised New 31 December
2024 Cash flow
charge
1
Disposal interest leases 2024
2024 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings
20
109.2
(19.2)
8.0
\u2013
2.1
\u2013
100.1
Lease liabilities
25
24.2
(6.9)
1.0
(0.1)
\u2013
2.7
20.9
1. Interest charged is shown inclusive of the amortisation of capitalised finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
24. Provisions for other liabilities and charges
Restoration and Other Carbon Restructuring
decommissioning provisions credits costs Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
9.8
1.1
3.9
\u2013
14.8
Charged/(credited) to the Consolidated Statement of Total Comprehensive Income:
\u2013 Additional provision
1.1
0.4
3.3
2.5
7.3
\u2013 Release of provision
\u2013
(0.3)
(0.1)
\u2013
(0.4)
\u2013 Unwind of discount
0.2
\u2013
\u2013
\u2013
0.2
Utilised amounts
\u2013
(0.3)
(2.7)
(1.8)
(4.8)
At 31 December 2025
11.1
0.9
4.4
0.7
17.1
Analysed as:
2025 2024
\u00a3m \u00a3m
Current
8.4
6.6
Non-current
8.7
8.2
17.1
14.8
The other provisions balance is made up of provisions for lease dilapidations and product liability provisions.
Non-current provisions are discounted at a rate of 4.1% (2024: 4.0%). The unwind of discount in the year is shown as a finance expense.
Restoration and decommissioning
The Group is required to restore quarrying sites to a state agreed with the planning authorities after extraction of raw materials ceases, and to decommission manufacturing facilities that have been constructed. Provisions
for restoration and decommissioning obligations are made based on the best estimate of the likely committed cash outflow. Management seeks specialist input from third-party experts to estimate the cost to perform any
necessary remediation work at the reporting date. These experts undertake site visits during the year, either where scoping identifies there is a change in operations which could change estimates, or to sites that have not
been visited recently. Desktop reviews are undertaken to inform the estimates for remaining sites.
The useful lives of quarrying sites are based on the estimated mineral reserve remaining and manufacturing facilities linked to the useful life of site property, plant and equipment. Estimates of appropriate inflation and
discount rates are judgemental and can have a significant impact on net present value. Management references information from the Bank of England when making such estimates. These provisions are discounted by
applying a discount rate that reflects the passage of time. Estimates are revised annually and, in the case of decommissioning provisions, are adjusted against the asset to which the provision relates. Assets are then
subject to impairment assessments at a CGU level. Future costs are expected to be incurred over the useful life of the sites, which is a period of up to 34 years.
The following table shows the timeline in which undiscounted costs in relation to the restoration and decommissioning provision are expected to become current:
Current 1 to 20 years 21 to 40 years 40 years plus Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Restoration and decommissioning
2.4
5.2
3.5
\u2013
11.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "24. Provisions for other liabilities and charges
Restoration and Other Carbon Restructuring
decommissioning provisions credits costs Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2025
9.8
1.1
3.9
\u2013
14.8
Charged/(credited) to the Consolidated Statement of Total Comprehensive Income:
\u2013 Additional provision
1.1
0.4
3.3
2.5
7.3
\u2013 Release of provision
\u2013
(0.3)
(0.1)
\u2013
(0.4)
\u2013 Unwind of discount
0.2
\u2013
\u2013
\u2013
0.2
Utilised amounts
\u2013
(0.3)
(2.7)
(1.8)
(4.8)
At 31 December 2025
11.1
0.9
4.4
0.7
17.1
Analysed as:
2025 2024
\u00a3m \u00a3m
Current
8.4
6.6
Non-current
8.7
8.2
17.1
14.8
The other provisions balance is made up of provisions for lease dilapidations and product liability provisions. Non-current provisions are discounted at a rate of 4.1% (2024: 4.0%). The unwind of discount in the year is shown as a finance expense. Restoration and decommissioning The Group is required to restore quarrying sites to a state agreed with the planning authorities after extraction of raw materials ceases, and to decommission manufacturing facilities that have been constructed. Provisions for restoration and decommissioning obligations are made based on the best estimate of the likely committed cash outflow. Management seeks specialist input from third-party experts to estimate the cost to perform any necessary remediation work at the reporting date. These experts undertake site visits during the year, either where scoping identifies there is a change in operations which could change estimates, or to sites that have not been visited recently. Desktop reviews are undertaken to inform the estimates for remaining sites. The useful lives of quarrying sites are based on the estimated mineral reserve remaining and manufacturing facilities linked to the useful life of site property, plant and equipment. Estimates of appropriate inflation and discount rates are judgemental and can have a significant impact on net present value. Management references information from the Bank of England when making such estimates. These provisions are discounted by applying a discount rate that reflects the passage of time. Estimates are revised annually and, in the case of decommissioning provisions, are adjusted against the asset to which the provision relates. Assets are then subject to impairment assessments at a CGU level. Future costs are expected to be incurred over the useful life of the sites, which is a period of up to 34 years. The following table shows the timeline in which undiscounted costs in relation to the restoration and decommissioning provision are expected to become current:
Current 1 to 20 years 21 to 40 years 40 years plus Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Restoration and decommissioning
2.4
5.2
3.5
\u2013
11.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "
25. Leases
The Group leases various premises, land, fleet vehicles, motor vehicles and plant and equipment. Lease
terms are negotiated on an individual basis, and terms and conditions can vary.
In addition, the Group also leases machinery on a short-term basis (less than 12 months) and office equipment
of low financial value. These leases are recognised on a straight-line basis as an expense in the Consolidated
Statement of Total Comprehensive Income.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:
Plant,
fleet and
Land and motor
buildings vehicles Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
2.1
22.0
24.1
Additions
0.2
2.5
2.7
Disposals
\u2013
(0.1)
(0.1)
Depreciation expense
(0.6)
(5.6)
(6.2)
At 1 January 2025
1.7
18.8
20.5
Additions
1.2
3.9
5.1
Impairment
(0.8)
\u2013
(0.8)
Disposals
(0.1)
\u2013
(0.1)
Depreciation expense
(0.3)
(5.6)
(5.9)
At 31 December 2025
1.7
17.1
18.8
Set out below are the carrying amounts of lease liabilities and the movements during the year.
2025 2024
\u00a3m \u00a3m
At the start of the year
(20.9)
(24.2)
New leases
(5.1)
(2.7)
Interest
(0.9)
(1.0)
Payments
6.9
6.9
Disposal of leases
0.1
0.1
At the end of the year
(19.9)
(20.9)
Payments above of \u00a36.9m (2024: \u00a36.9m) include \u00a36.0m (2024: \u00a35.9m) of capital repayment and \u00a30.9m
(2024: \u00a31.0m) of interest paid.
2025 2024
\u00a3m \u00a3m
Current
(6.7)
(5.8)
Non-current
(13.2)
(15.1)
(19.9)
(20.9)
The following are the amounts recognised in the Consolidated Statement of Total Comprehensive Income:
2025 2024
\u00a3m \u00a3m
Depreciation of right-of-use-assets
5.9
6.2
Interest payable on lease liabilities
0.9
1.0
Expenses relating to short-term leases
2.2
3.2
9.0
10.4
Leases of low financial value for the year ended 31 December 2025 were less than \u00a30.1m (2024: less than
\u00a30.1m). During the years ended 31 December 2025 and 31 December 2024, the Group did not hold any
lease contracts with variable payment terms.
The Group has several land and property lease contracts that include termination options, known as \u2018break
clauses\u2019. These options are negotiated by management to provide flexibility in managing the leased-asset
portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining
whether these clauses are reasonably certain to be exercised.
At 31 December 2025, the Group has determined it is reasonably certain that any break clause would not
be exercised, and full lease terms have been considered within the present value calculations.
At 31 December 2025, lease commitments that were contracted but had not yet commenced totalled less
than \u00a30.1m (2024: \u00a30.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "The Group leases various premises, land, fleet vehicles, motor vehicles and plant and equipment. Lease terms are negotiated on an individual basis, and terms and conditions can vary. In addition, the Group also leases machinery on a short-term basis (less than 12 months) and office equipment of low financial value. These leases are recognised on a straight-line basis as an expense in the Consolidated Statement of Total Comprehensive Income. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:
Plant,
fleet and
Land and motor
buildings vehicles Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
2.1
22.0
24.1
Additions
0.2
2.5
2.7
Disposals
\u2013
(0.1)
(0.1)
Depreciation expense
(0.6)
(5.6)
(6.2)
At 1 January 2025
1.7
18.8
20.5
Additions
1.2
3.9
5.1
Impairment
(0.8)
\u2013
(0.8)
Disposals
(0.1)
\u2013
(0.1)
Depreciation expense
(0.3)
(5.6)
(5.9)
At 31 December 2025
1.7
17.1
18.8
Set out below are the carrying amounts of lease liabilities and the movements during the year.
2025 2024
\u00a3m \u00a3m
At the start of the year
(20.9)
(24.2)
New leases
(5.1)
(2.7)
Interest
(0.9)
(1.0)
Payments
6.9
6.9
Disposal of leases
0.1
0.1
At the end of the year
(19.9)
(20.9)
Payments above of \u00a36.9m (2024: \u00a36.9m) include \u00a36.0m (2024: \u00a35.9m) of capital repayment and \u00a30.9m (2024: \u00a31.0m) of interest paid.
2025 2024
\u00a3m \u00a3m
Current
(6.7)
(5.8)
Non-current
(13.2)
(15.1)
(19.9)
(20.9)
The following are the amounts recognised in the Consolidated Statement of Total Comprehensive Income:
2025 2024
\u00a3m \u00a3m
Depreciation of right-of-use-assets
5.9
6.2
Interest payable on lease liabilities
0.9
1.0
Expenses relating to short-term leases
2.2
3.2
9.0
10.4
Leases of low financial value for the year ended 31 December 2025 were less than \u00a30.1m (2024: less than \u00a30.1m). During the years ended 31 December 2025 and 31 December 2024, the Group did not hold any lease contracts with variable payment terms. The Group has several land and property lease contracts that include termination options, known as \u2018break clauses\u2019. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises judgement in determining whether these clauses are reasonably certain to be exercised. At 31 December 2025, the Group has determined it is reasonably certain that any break clause would not be exercised, and full lease terms have been considered within the present value calculations. At 31 December 2025, lease commitments that were contracted but had not yet commenced totalled less than \u00a30.1m (2024: \u00a30.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "26. Deferred tax The analysis of deferred tax liabilities is as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax liabilities to be incurred after more than 12 months
14.0
12.9
The movement in deferred tax assets/(liabilities) is as follows:
Fixed Intangible Share-based
assets Provisions assets payments Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(9.8)
3.4
(1.0)
1.1
\u2013
(6.3)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(3.3)
(0.3)
\u2013
\u2013
(0.5)
(4.1)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
(2.4)
\u2013
\u2013
\u2013
\u2013
(2.4)
Other movements
0.2
(0.2)
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2024
(15.3)
2.9
(1.0)
1.0
(0.5)
(12.9)
(Charged)/credited to Consolidated Statement of Total Comprehensive Income
(1.2)
0.2
\u2013
0.3
(0.6)
(1.3)
Effect of changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Effect of prior period adjustments
0.3
\u2013
\u2013
\u2013
\u2013
0.3
Other movements
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Tax on items taken directly to equity
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
At 31 December 2025
(16.3)
3.2
(1.0)
1.2
(1.1)
(14.0)
Deferred tax is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts, using the corporation tax rate applicable to the timing of their reversal. Deferred tax assets and liabilities are only offset where there is a legally enforceable right to offset and there is an intention to settle the balances net.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
27. Share capital and other reserves
Share capital
Called up issued and fully paid Ordinary shares.
2025 2025 2024 2024
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid 1p Ordinary shares
At the start of the year
212,803,389
2.1
212,803,389
2.1
At the end of the year
212,803,389
2.1
212,803,389
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "27. Share capital and other reserves Share capital Called up issued and fully paid Ordinary shares.
2025 2025 2024 2024
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid 1p Ordinary shares
At the start of the year
212,803,389
2.1
212,803,389
2.1
At the end of the year
212,803,389
2.1
212,803,389
2.1
Reserve for own shares Own shares represent the cost of Forterra plc shares purchased in the market and held by employee benefit trusts to satisfy the future exercise of options under the Group\u2019s share option schemes. At 31 December 2025, two trusts were in place and consolidated within the Consolidated Financial Statements. The first trust holds 265,717 Ordinary shares (2024: 299,106), relating to shares granted under two free share awards. The first of these was granted on 25 May 2016, the second on 10 February 2021. Shares granted under the 2016 award were issued by the Company. To satisfy the 2021 award, a total of 291,483 shares were purchased by the Company through the Trust. The total weighted average cost for shares held by the Trust at 31 December 2025 was 231p per share (2024: 165p), which is reflected in the reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of shares held by the Trust at 31 December 2025 was \u00a30.5m (2024: \u00a30.5m). The second trust holds 2,167,669 (2024: 1,889,884) shares at an average cost of 248p per share (2024: 260p), reflected within the reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of these shares at 31 December 2025 was \u00a34.0m (2024: \u00a33.1m). Capital redemption reserve The capital redemption reserve records the nominal value of shares repurchased by the Company. Cash flow hedge reserve The cash flow hedge reserve reflects the gains and losses arising on forward foreign exchange contracts which are designated as cash flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
Reserve for own shares
Own shares represent the cost of Forterra plc shares purchased in the market and held by employee benefit
trusts to satisfy the future exercise of options under the Group\u2019s share option schemes. At 31 December
2025, two trusts were in place and consolidated within the Consolidated Financial Statements.
The first trust holds 265,717 Ordinary shares (2024: 299,106), relating to shares granted under two free
share awards. The first of these was granted on 25 May 2016, the second on 10 February 2021. Shares
granted under the 2016 award were issued by the Company. To satisfy the 2021 award, a total of 291,483
shares were purchased by the Company through the Trust. The total weighted average cost for shares held
by the Trust at 31 December 2025 was 231p per share (2024: 165p), which is reflected in the reserve for
own shares within the Consolidated Statement of Changes in Equity. The market value of shares held by the
Trust at 31 December 2025 was \u00a30.5m (2024: \u00a30.5m).
The second trust holds 2,167,669 (2024: 1,889,884) shares at an average cost of 248p per share (2024:
260p), reflected within the reserve for own shares within the Consolidated Statement of Changes in Equity.
The market value of these shares at 31 December 2025 was \u00a34.0m (2024: \u00a33.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Reserve for own shares Own shares represent the cost of Forterra plc shares purchased in the market and held by employee benefit trusts to satisfy the future exercise of options under the Group\u2019s share option schemes. At 31 December 2025, two trusts were in place and consolidated within the Consolidated Financial Statements. The first trust holds 265,717 Ordinary shares (2024: 299,106), relating to shares granted under two free share awards. The first of these was granted on 25 May 2016, the second on 10 February 2021. Shares granted under the 2016 award were issued by the Company. To satisfy the 2021 award, a total of 291,483 shares were purchased by the Company through the Trust. The total weighted average cost for shares held by the Trust at 31 December 2025 was 231p per share (2024: 165p), which is reflected in the reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of shares held by the Trust at 31 December 2025 was \u00a30.5m (2024: \u00a30.5m). The second trust holds 2,167,669 (2024: 1,889,884) shares at an average cost of 248p per share (2024: 260p), reflected within the reserve for own shares within the Consolidated Statement of Changes in Equity. The market value of these shares at 31 December 2025 was \u00a34.0m (2024: \u00a33.1m). Capital redemption reserve The capital redemption reserve records the nominal value of shares repurchased by the Company. Cash flow hedge reserve The cash flow hedge reserve reflects the gains and losses arising on forward foreign exchange contracts which are designated as cash flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "
28. Share-based payments
Total cost of share schemes:
2025 2024
\u00a3m \u00a3m
Share Incentive Plan (SIP)
\u2013
(0.2)
Performance Share Plan (PSP)
0.8
0.8
Sharesave Plan (SAYE)
0.6
0.4
1.4
1.0
The total cost of share schemes in the year includes a national insurance contribution of \u00a30.1m (2024: credit
of \u00a30.1m). The total national insurance liability, relating to share-based payments, held within the
Consolidated Balance Sheet as at 31 December 2025 was \u00a30.4m (2024: \u00a30.3m).
Summary of share option and share award arrangements
The Group operates a number of share schemes for the benefit of employees, all of which are equity-settled
(although the rules of the PSP and DABP allow for cash settlement in exceptional circumstances).
Share awards
Share Incentive Plan (SIP)
On 25 May 2016, 442,068 deferred free shares were awarded to all employees in service at this date.
Shares to the value of \u00a3500 were issued which vested in May 2019, three years after the date of grant,
subject to a three-year service condition. Further to this, on 10 February 2021, an additional \u00a3500 award
was made to all serving employees, subject to the same service condition as in 2016. A total of 314,075
shares were granted under this award. Unexercised shares are held by the Employee Benefit Trust on behalf
of the Group\u2019s employees and detailed within note 27.
Share options
Performance Share Plan (PSP)
Performance-based awards granted to the Executive Directors and designated senior management which vest
three years after the date of grant at 1p per share. The total number of shares vesting is dependent upon both
service conditions being met and the performance of the Group over the three-year period. All in-flight PSPs are
currently structured with 40% of the award subject to an EPS performance condition, 40% of the award subject
to a TSR performance condition and 20% of the award subject to sustainability targets. In addition to this, a
holding period applies to vested PSP awards for the Executive Directors of Forterra plc, under which they are
required to retain the number of vested awards, net of tax, for at least two years from the date of vesting.
Deferred Annual Bonus Plan (DABP)
A portion of the Executive Directors\u2019 annual bonus award is deferred into shares under a DABP, with a
deferral period of three years. These awards are accrued as a bonus in the year to which they relate and
are converted into deferred share awards after the year end. A DABP award of \u00a30.2m was granted during
2025 (2024: \u00a3nil). At 31 December 2025 an amount of \u00a30.2m (2024: \u00a30.2m) has been recorded in accruals
and is expected to be awarded in 2025 relating to bonuses achieved in the year.
Sharesave (SAYE)
This HM Revenue & Customs approved scheme is available to all employees, with schemes offered annually
since 2016. Employees make monthly contributions of up to \u00a3500 per month into a linked savings account
where these may be exchanged three years from each grant date for shares at an option price discounted
by 20% from the offer date.
The aggregate number of share awards outstanding for the Group is shown below:
PSP DABP SAYE
Number of Number of Number of
options options options
At 1 January 2024
2,965,742
124,257
9,583,122
Awards granted
1,407,772
\u2013
1,532,961
Awards exercised
(254,789)
\u2013
(2,295,037)
Awards lapsed/forfeited
(825,667)
\u2013
(2,376,330)
At 31 December 2024
3,293,058
124,257
6,444,716
Awards granted
1,965,064
99,618
981,153
Awards exercised
(10,940)
(59,715)
(16,610)
Awards lapsed/forfeited
(1,054,681)
\u2013
(1,061,813)
At 31 December 2025
4,192,501
164,160
6,347,446
Options were exercised on a regular basis throughout the year. The average share price during the year
was 183p (2024: 171p).
Neither the EPS nor the TSR performance conditions for the 2022 PSP award, which was due to vest
in March 2025, were met. The shares therefore did not vest and have been shown within lapsed/forfeited
in the above table.
Share options either outstanding or not yet exercised at the end of the year have the following vesting dates:
2025 2024
Number of Number of
options options
PSP
25 April 2020
3,874
3,874
17 September 2023
25,558
36,498
17 March 2025
\u2013
723,540
3 April 2026
1,097,087
1,191,007
1 May 2027
1,216,225
1,338,139
18 March 2028
1,849,759
\u2013
DABP
17 March 2025
\u2013
59,715
16 March 2026
64,542
64,542
19 March 2028
99,618
\u2013
SAYE
1 December 2024
\u2013
273,823
1 December 2025
348,683
393,076
1 December 2026
3,952,861
4,327,801
1 December 2027
1,144,871
1,450,016
1 December 2028
901,029
\u2013
10,704,107
9,862,031
The weighted average remaining contractual life of share options outstanding at 31 December 2025 was 1 year 6 months (2024: 1 year 10 months). The average exercise price for share options outstanding ranges from 1p to 210p (2024: 1p to 238p).
The fair value per option granted in the year has been calculated using the following assumptions:
2025
2024
PSP SAYE PSP SAYE
(Performance and (Performance and
service condition) (Service condition) service condition) (Service condition)
Date of grant
19 March 2025
2 October 2025
1 May 2024
2 October 2024
Option pricing model
Monte Carlo
Black-Scholes
Monte Carlo
Black-Scholes
Share price on grant date (pence)
160.50
184.00
163.00
170.00
Exercise price (pence)
1.00
151.00
1.00
140.00
Expected volatility (%)
28.6%
27.7%
29.0%
30.0%
Vesting period (years)
3.00
3.15
3.00
3.15
Expected option life to exercise (years)
3.00
3.40
3.00
3.40
Expected dividend yield (%)
\u2013
 4.3%
\u2013
4.9%
Risk-free interest rate (%)
4.2%
4.0%
4.3%
3.7%
Fair value per option (pence)
128.80
45.00
133.40
41.00
Fair value per option under the PSP is calculated as the average for the TSR and non-market conditions.
Expected volatility is a measure of expected fluctuations in the share price over the expected life of an option. The measures of volatility used by the Group in its pricing models has been derived through analysis of the
Group\u2019s historic share price in order to provide an estimate of future volatility.
29. Group subsidiaries
Forterra plc had the following subsidiaries as at 31 December 2025:
Country of Nature of
Registration number
incorporation
Holding
holding
% of class held
Principal activity
Forterra Holdings Limited
09983078
England & Wales
Ordinary \u00a30.01
Direct
100%
Holding Company
Forterra Building Products Limited
08960430
England & Wales
Ordinary \u00a30.01
Indirect
100%
Trading
Red Bank Limited
10082033
England & Wales
Ordinary \u00a31.00
Indirect
100%
Dormant
London Brick Company Limited
10081930
England & Wales
Ordinary \u00a31.00
Indirect
100%
Dormant
Cradley Special Brick Company Limited
10082008
England & Wales
Ordinary \u00a31.00
Indirect
100%
Dormant
Butterley Brick Limited
10082046
England & Wales
Ordinary \u00a31.00
Indirect
100%
Dormant
Formpave Limited
10081922
England & Wales
Ordinary \u00a31.00
Indirect
100%
Dormant
All entities have a place of business in the UK. The registered office address for all entities is the same as for Forterra plc, being 5 Grange Park Court, Roman Way, Northampton, NN4 5EA.
All subsidiary undertakings are included in the Consolidated Financial Statements. The proportion of the voting rights in the subsidiary undertakings held directly by the Company do not differ from the proportion
of Ordinary shares held.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
Share options either outstanding or not yet exercised at the end of the year have the following vesting dates:
2025 2024
Number of Number of
options options
PSP
25 April 2020
3,874
3,874
17 September 2023
25,558
36,498
17 March 2025
\u2013
723,540
3 April 2026
1,097,087
1,191,007
1 May 2027
1,216,225
1,338,139
18 March 2028
1,849,759
\u2013
DABP
17 March 2025
\u2013
59,715
16 March 2026
64,542
64,542
19 March 2028
99,618
\u2013
SAYE
1 December 2024
\u2013
273,823
1 December 2025
348,683
393,076
1 December 2026
3,952,861
4,327,801
1 December 2027
1,144,871
1,450,016
1 December 2028
901,029
\u2013
10,704,107
9,862,031
The weighted average remaining contractual life of share options outstanding at 31 December 2025 was 1 year
6 months (2024: 1 year 10 months).
The average exercise price for share options outstanding ranges from 1p to 210p (2024: 1p to 238p).
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FORTERRA PLC ANNUAL REPORT AND ACCOUNTS 2025 167
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "Share options either outstanding or not yet exercised at the end of the year have the following vesting dates:
2025 2024
Number of Number of
options options
PSP
25 April 2020
3,874
3,874
17 September 2023
25,558
36,498
17 March 2025
\u2013
723,540
3 April 2026
1,097,087
1,191,007
1 May 2027
1,216,225
1,338,139
18 March 2028
1,849,759
\u2013
DABP
17 March 2025
\u2013
59,715
16 March 2026
64,542
64,542
19 March 2028
99,618
\u2013
SAYE
1 December 2024
\u2013
273,823
1 December 2025
348,683
393,076
1 December 2026
3,952,861
4,327,801
1 December 2027
1,144,871
1,450,016
1 December 2028
901,029
\u2013
10,704,107
9,862,031
The weighted average remaining contractual life of share options outstanding at 31 December 2025 was 1 year 6 months (2024: 1 year 10 months). The average exercise price for share options outstanding ranges from 1p to 210p (2024: 1p to 238p). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FORTERRA PLC ANNUAL REPORT AND ACCOUNTS 2025 167", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
30. Related party transactions
Transactions with key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the Group. The Directors of the Company and the Directors of the Group\u2019s
subsidiary companies fall within this category.
2025 2024
\u00a3m \u00a3m
Emoluments including taxable benefits
3.5
2.7
Share-based payments
0.8
0.7
Pension and other post-employment benefits
0.2
0.2
4.5
3.6
Information relating to Directors\u2019 emoluments, pension entitlements, share options and long-term incentive
plans appear in the Remuneration Committee Report within pages 96 to 123.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "30. Related party transactions Transactions with key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Directors of the Company and the Directors of the Group\u2019s subsidiary companies fall within this category.
2025 2024
\u00a3m \u00a3m
Emoluments including taxable benefits
3.5
2.7
Share-based payments
0.8
0.7
Pension and other post-employment benefits
0.2
0.2
4.5
3.6
Information relating to Directors\u2019 emoluments, pension entitlements, share options and long-term incentive plans appear in the Remuneration Committee Report within pages 96 to 123.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "Transactions with key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Directors of the Company and the Directors of the Group\u2019s subsidiary companies fall within this category.
2025 2024
\u00a3m \u00a3m
Emoluments including taxable benefits
3.5
2.7
Share-based payments
0.8
0.7
Pension and other post-employment benefits
0.2
0.2
4.5
3.6
Information relating to Directors\u2019 emoluments, pension entitlements, share options and long-term incentive plans appear in the Remuneration Committee Report within pages 96 to 123.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "
31. Alternative performance measures
APM
Definition and/or purpose
Adjusted EBITDA, adjusted EBITDA margin, adjusted These APMs are calculated by excluding both
operating profit (EBIT), adjusted profit before tax,
adjusted earnings per share, adjusted operating
exceptional and adjusting items
cash flow
Adjusted operating cash conversion
Operating cash conversion is calculated as adjusted
operating cash flow/adjusted EBITDA
Net (debt)/cash before leases
Net (debt)/cash before leases is presented as the total
cash and cash equivalent and borrowings, inclusive of
capitalised financing costs and excluding lease
liabilities at the balance sheet date
Group: Revenue, EBITDA, EBITDA margin, Operating profit, Profit before tax
Exceptional Exceptional Adjusting Adjusting
Adjusted items items items items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Aborted Realised gain on Energy
Restructuring corporate sale of surplus contract
2025 costs transaction energy derivatives
Revenue
386.0
\u2013
\u2013
\u2013
\u2013
386.0
EBITDA
61.6
(6.7)
\u2013
1.2
(7.2)
48.9
EBITDA margin %
16.0%
\u2013
\u2013
\u2013
\u2013
12.7%
Operating profit (EBIT)
42.0
(6.7)
\u2013
1.2
(7.2)
29.3
Profit before tax
36.0
(6.7)
\u2013
1.2
(7.2)
23.3
Exceptional Exceptional Adjusting Adjusting
Adjusted items items items items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Aborted
Realised loss on
Energy
Restructuring
corporate
sale of surplus
contract
2024
costs
transaction
energy
derivatives
Revenue
344.3
\u2013
\u2013
\u2013
\u2013
344.3
EBITDA
52.0
(0.2)
(2.7)
(1.5)
7.1
54.7
EBITDA margin %
15.1%
\u2013
\u2013
\u2013
\u2013
15.9%
Operating profit (EBIT)
31.2
(0.2)
(2.7)
(1.5)
7.1
33.9
Profit before tax
22.1
(0.2)
(2.7)
(1.5)
7.1
24.8
Segmental: Revenue, EBITDA, EBITDA margin
Bricks and Blocks
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Restructuring
Realised gain on sale
Energy contract
2025
costs
of surplus energy
derivatives
Revenue
307.7
\u2013
\u2013
\u2013
307.7
EBITDA
56.9
(3.4)
1.2
(7.2)
47.5
EBITDA margin %
18.5%
\u2013
\u2013
\u2013
15.4%
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Restructuring
Realised loss on sale
Energy contract
2024 costs
of surplus energy
 derivatives
Revenue
276.7
\u2013
\u2013
\u2013
276.7
EBITDA
49.0
(0.1)
(1.5)
7.1
54.5
EBITDA margin %
17.7%
\u2013
\u2013
\u2013
19.7%
Bespoke Products
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Restructuring
Realised gain on sale
Energy contract
2025
costs
of surplus energy
derivatives
Revenue
81.0
\u2013
\u2013
\u2013
81.0
EBITDA
4.7
(3.3)
\u2013
\u2013
1.4
EBITDA margin %
5.8%
\u2013
\u2013
\u2013
1.7%
Adjusted Exceptional items Adjusting items Adjusting items Statutory
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Restructuring
Realised loss on sale
Energy contract
2024 costs
of surplus energy
 derivatives
Revenue
71.5
\u2013
\u2013
\u2013
71.5
EBITDA
3.0
(0.1)
\u2013
\u2013
2.9
EBITDA margin %
4.2%
\u2013
\u2013
\u2013
4.1%
Reconciliation of adjusted operating cash flow to statutory operating cash flow:
Adjusting Exceptional
Adjusted items items Statutory
2025 \u00a3m \u00a3m \u00a3m \u00a3m
EBITDA
61.6
(6.0)
(6.7)
48.9
Purchase and settlement of carbon credits
(0.9)
\u2013
\u2013
(0.9)
Other cash flow items
1
0.2
7.2
4.9
12.3
Changes in working capital:
\u2013 Inventories
2.5
\u2013
\u2013
2.5
\u2013 Trade and other receivables
3.5
\u2013
\u2013
3.5
\u2013 Trade and other payables
1.8
\u2013
\u2013
1.8
Operating cash flow
68.7
1.2
(1.8)
68.1
1. For reconciliation purposes, \u2018Other cash flow items\u2019 is reported as the sum of: loss on disposal of property, plant
and equipment and leases, movement in provisions, share-based payments and other non-cash items as are detailed
within note 21.
Adjusted operating cash conversion
The calculation for operating cash conversion has been amended in the current year. Previously this metric
was calculated as adjusted operating cash flow, less capital expenditure (excluding spend on strategic
projects), divided by adjusted operating profit. In the current year the calculation has been defined as
adjusted operating cash flow divided by adjusted EBITDA. In making this amendment, management believe
the revised KPI shown is more line with managements view of performance.
2025 2024
\u00a3m \u00a3m
Adjusted operating cash flow
68.7
60.1
Adjusted EBITDA
61.6
52.0
Adjusted operating cash conversion
111.5%
115.6%
", "dimensions": { "concept": "forterraplc:DisclosureOfAlternativePerformanceMeasure", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "
32. Post balance sheet events
Within the year end results, the Company has announced the commencement of a share buyback
programme. The aggregate price of all shares purchased in 2026 will be no more than \u00a320 million (excluding
stamp duty and expenses) and any Ordinary shares purchased under the programme will be cancelled
immediately.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800O5DD6ATBVJAD23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }