Research on Forterra Plc (FORT:LON)  from Progressive Equity Research

Forterra has signalled EBITDA for FY26E is likely to be c. 8.8% lower than consensus, pointing to the widely-reported slowdown in housebuilding and brick deliveries, which led main rival Ibstock to downgrade its expectations earlier this month. Forterra has maintained market share and we believe steep reductions in its and wider industry capacity should underpin current pricing and leave the industry in a strong position to quickly capitalise on an eventual upturn, which we believe could start as soon as H2 of FY27.

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