Breedon (BREE.L): 1H26 mixed - EBIT miss with EBITDA beat, higher depreciation guide, FY‘26 EBITDA in line with consensus

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Breedon (BREE.L): 1H26 mixed - EBIT miss with EBITDA beat, higher depreciation guide, FY‘26 EBITDA in line with consensus

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29 Jul 2026 03:40:00 ET │ 13 pages

Breedon (BREE.L)

1H26 mixed - EBIT miss with EBITDA beat, higher depreciation guide,

FY'26 EBITDA in line with consensus

CITI'S TAKE Neutral

Price (28 Jul 26 16:30) £3.26 1H26 results were ahead of expectations, with revenue of £858m (vs. CitiE

Target price £3.10 £833m) and underlying EBITDA of £115m (vs. CitiE £112m). Strong

performances in Ireland and the US more than offset continued weakness Expected share price return -4.9%

in Great Britain. The interim dividend increased to £5.0p (vs. £4.75p in Expected dividend yield 4.8%

1H25), in line with Citi estimates, with a 53% payout ratio. Looking ahead, Expected total return -0.2%

management expects FY26 EBITDA to be in line with market expectations Market Cap £1,132M

(~£280m), supported by positive momentum in Ireland and the US. In US$1,504M

Great Britain, however, demand is expected to decline for a fifth

consecutive year despite some support from infrastructure

spending. Current range of company compiled consensus is £273mn-

£285mn. VA Consensus & CitiE has 2026e underlying EBITDA £280mn. Ephrem RaviAC

+44-20-7986-2462

ephrem.ravi@citi.comSegment update – GB Trading remained subdued, with modest growth in

infrastructure and non-residential construction partly offset by continued weakness Omnath P Sinh

in residential markets; Ireland Delivered strong growth, supported by improving +91-22-4277-5027

construction activity, the commencement of previously delayed major projects, and omnath.sinh@citi.com

the initial contribution from the Booth acquisition. In US, improved weather

conditions supported construction activity, particularly in the Midwest. While