Ibstock shares fell 7% in London trading after the brickmaker signaled a weaker-than-expected EBITDA outlook for 2026. While full-year 2025 results aligned with guidance at around £71 million, management hinted at a drop to the low-to-mid £70 million range.

Analysts at Jefferies flagged the sharp implied cut versus current consensus of £81.6 million, highlighting concerns over continued downgrades. Ibstock’s exposure to soft mud brick capacity makes it more vulnerable than peers, with margin pressure expected from lower fixed-cost absorption.

Revenue for 2025 rose 2% to £372 million despite a softening UK brick market. Management expects 2–3% sales growth in 2026, with a stronger second half. Progress on calcined clay products could offer a late-year catalyst, pending commercial agreements.