Forterra (FORT): 2026 guidance and Middle East costs

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FORT Forterra

£334m · 166.4p · +11% since the first step

19 May 2026 · Wider range of 2026 outcomes; H2 weighted · −1% until the next step we have rescheduled some production from April until the second half of the year in order to manage our gas cost

28 Jul 2026 · FY expectations held at consensus; H2 uncertain · +21% until the next step However, given the current domestic and global geopolitical environment, forecasting demand for our products in H2 remains challenging

11 Nov 2026 · FY2026 EBITDA guidance cut to c.£50m · +0% since As a result, the Board now expects full-year adjusted EBITDA to be c.£50m, compared with company compiled consensus of £54.8m, and leverage to be c.1.9x.

Upgrade / downgrade cycle

2026 guidance and Middle East costs

FY2026 EBITDA guidance cut to c.£50m

MAR10 Next: full-year results with 2027 outlook in 119 days

Every step · 3

19 May 2026 Wider range of 2026 outcomes; H2 weighted – we have rescheduled some production from April until the second half of the year in order to manage our gas cost ↗
28 Jul 2026 FY expectations held at consensus; H2 uncertain – However, given the current domestic and global geopolitical environment, forecasting demand for our products in H2 remains challenging ↗
11 Nov 2026 FY2026 EBITDA guidance cut to c.£50m – As a result, the Board now expects full-year adjusted EBITDA to be c.£50m, compared with company compiled consensus of £54.8m, and leverage to be c.1.9x. ↗

What is happening

Forterra: 2026 guidance and Middle East costs – FY2026 EBITDA guidance cut to c.£50m. ['FY2026 EBITDA guidance cut to c.£50m']

In short: On 19 May 2026 Forterra widened its range of 2026 outcomes after weak Q1 demand and Middle East cost inflation. On 28 July 2026 H1 EBITDA was £27.0m and expectations were held at consensus. On 11 Nov 2026 it cut FY adjusted EBITDA to c.£50m (consensus £54.8m) as volumes fell further, with leverage c.1.9x.
Announced: 19 May 2026 · Wider range of 2026 outcomes; H2 weighted
Latest: 11 Nov 2026 · FY2026 EBITDA guidance cut to c.£50m
H2 assumption: Demand similar to H1
Gas cover: c.80% of FY27 requirements secured
Cost savings: Management restructuring saves £2m a year
FY26 EBITDA: c.£50m vs company compiled consensus £54.8m
Leverage: c.1.9x expected at year end
Revenue: £282.7m, down 11.9% LFL, ten months to 31 October 2026
Industry bricks: Despatches down 11% in nine months to 30 September 2026
Price increases: Inflationary increases effective January 2027

What comes next

full-year results with 2027 outlook (10 Mar 2027).

Briefing

Forterra in 4 minutes

Forterra makes bricks, concrete blocks and precast concrete floors for UK construction, mostly new-build housing. A rate-driven slump in 2023 cut UK brick demand by about 30% just as it finished a £140m...

Act 1Boom, then a 30% collapse in brick demand
Act 2Cut output to fit demand, finish the new factories
Act 32025: volumes return and debt falls

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From the company's own announcements. Not investment advice.

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