Forterra boosted EBITDA by 18% to £61.6m in the year to 31 December 2025, in line with our estimate, with a 66% jump in EPS to 12.5p, 3% ahead of our expectations. The group was supported by its higher exposure than peers to the large housebuilders during ‘a year of two halves’, with Budget speculation impacting demand – as it did for most of the industry. We introduce estimates for FY26E, which assume a modest increase in EBITDA earnings and dividend – this time with a reversal in the H1:H2 split.