Davy Morning Equity Briefing
Mar 11, 2026
Breedon Group
FY25 results in line; outlook mixed
Breedon’s FY25 results reflect a more challenging year, with softer volumes and project delays the key headwinds. Fullyear EBITDA came in slightly ahead of expectations, with the nearterm backdrop remaining mixed. While the mediumterm opportunity set is unchanged, we anticipate a slow recovery trajectory through 2026, with any meaningful momentum weighted towards the back end of the year.
Forterra plc
Share buyback announced but downside to 2026 estimates
Forterra performed well in 2025, achieving a decent uplift in earnings and making good inroads in debt reduction. Progress in the latter has prompted the initiation of a £20m share buyback programme. However, Forterra has alluded to a slow start to the year, which is no surprise, and currently expects full year adjusted EBITDA to be only slightly ahead of 2025. This would suggest a possible 6-7% cut to the latest consensus adjusted EBITDA forecast for this year.
Hill & Smith
Strong FY2025 results
Hill & Smith had a strong year with above forecast EPS growth of 8%. The US Engineered Solutions division continues to be the key driver. The company announced two bolt-on acquisitions and an organic investment in the US. Leverage remains very low and the outlook in the US continues to be very favourable.
