Forterra has delivered another resilient performance in what continues to be a ‘challenging’ market, with revenue in the first half to 30 June falling by c.9% LFL but with an improved EBITDA margin. Guidance is that FY26 will be in line with consensus, with a similar performance in H2. We had anticipated a stronger second half and have reduced our estimates. However, we believe Andy Burnham’s new Cabinet could spur council house building.