DAVY VIEW

Formal results confirm that while 2024 was another tough year for Forterra, it was nonetheless encouraging that the group’s performance stabilised in the second half. Headline results are consistent with the detailed guidance provided in January and indicate that adjusted EBITDA improved sequentially and also was modestly ahead year-on-year (yoy). The tone of the group’s commentary can be considered cautiously optimistic. Admittedly, while the cadence of any recovery this year is likely to be relatively muted, we reiterate the view that there remains a credible roadmap to a very material uplift in Forterra’s profitability over the medium term.