Forterra has maintained FY25E EBITDA guidance in today’s trading update, due to housebuilding demand remaining ‘stronger than the depressed RMI (repair, maintenance & improvement) market’. The UK’s second-largest brick producer has a larger share in housebuilding than its rivals, especially in ‘volume’ housebuilding. This contrasts with weaker guidance from the UK’s number one, Ibstock, and smaller rival Michelmersh, which are more weighted to RMI and premium new-build bricks. We maintain our estimates and believe Forterra is poised to benefit when a more meaningful recovery emerges.