MAKING A MATERIAL
DIFFERENCE
2025
Annual Report and Accounts
STRATEGIC REPORT
Better, stronger business
»01
Breedon at a glance
»10
Chair’s statement
»12
Market review
»16
Business model
»22
Chief Executive Officer’s review
and outlook
»28
– Breedon 3.0
»31
– Operating reviews
»36
Key performance indicators
»42
Chief Financial Officer’s review
»44
Managing our risks and
opportunities
»49
– Principal risks
»51
Viability Statement
»60
Sustainability
»62
– Planet
»68
– People
»76
– Places
»81
– Principles
»84
Sustainability Appendix
»87
– SECR
»87
– TCFD
»88
– Non-financial and Sustainability
Information Statement
»96
Section 172(1)
Statement
»97
GOVERNANCE REPORT
Corporate governance at a glance
»103
Board of Directors
»104
Corporate governance statement
»106
Board in action
»107
Culture and colleague engagement
»109
Engaging with shareholders
»111
Audit & Risk Committee report
»114
Nomination Committee report
»121
Sustainability Committee report
»124
Compliance statement against
the Code
»126
Directors’ Remuneration report
»132
– Annual statement
»132
–
Remuneration at a glance
»136
–
Directors’ Remuneration Policy
»137
– Annual report on remuneration
»141
Directors’ report
»149
Statement of directors’
responsibilities
»152
Our purpose is to make a
material difference to the lives
of our colleagues, customers
and communities.
We achieve our purpose
through delivering essential
construction materials while
living our values:
keeping it simple;
striving to improve;
making it happen; and
showing we care.
The strategic report has been
approved by the Board of Directors
and signed on its behalf by:
Rob Wood
Chief Executive Officer
11 March 2026
CONSOLIDATED FINANCIAL
STATEMENTS
Independent Auditor’s report
»154
Consolidated income statement
»164
Consolidated statement
of comprehensive income
»165
Consolidated statement
of financial position
»166
Consolidated statement
of changes in equity
»167
Consolidated statement
of cash flows
»168
Notes to the consolidated
statements
»169
COMPANY FINANCIAL
STATEMENTS
Company statement of financial
position
»202
Company statement of
changes in equity
»203
Notes to the Company
financial statements
»204
Reporting segment changes
»208
Subsidiaries
»209
ADDITIONAL INFORMATION
Shareholder information
»212
Glossary
»215
Advisers and Company
Information
»216
Contents
Breedon Group plc
Annual Report and Accounts 2025
Robust revenue
Resilient statutory performance
Revenue
Statutory Group profit
from operations
Underlying EBITDA
Growing earnings
Reflecting M&A-related costs
Breedon is a
leading vertically-integrated international
construction materials
group in Great Britain, Ireland
and the United States.
We supply the construction industry with the
essential
materials
needed to build the places where we live and
work, play and in-between.
We produce
value-added
construction materials,
pulling through our aggregates and cement to be used
downstream in the production of ready-mixed concrete
and asphalt, and the provision of surfacing solutions.
Our evolved strategy is committed to
Expand
and
Improve
the business, prioritising profitable growth.
Our model and strategy have served us well, building
platforms in three geographies, delivering 18%
compound revenue growth over the last 15 years
as we continue to build a
better, stronger Breedon
.
Statutory Basic
earnings per share
Better, stronger business
01
Strategic report
Governance
Financial statements
Additional information
Better, stronger
2011
1
2012
1
2013
1
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
5.6
3.6
1.9
1.7
1.5
0.9
1.9
1.4
1.9
0.8
0.7
0.5
1.8
1.4
(0.2)
Covenant
Leverage
1
times
Better, stronger business
1
Covenant Leverage has been calculated on a
consistent basis for all periods, following the principles
set out in the Group’s current debt facility agreements.
2
CAGR: Compound annual growth rate since Breedon’s
first full year of trading.
3
Underlying EBITDA refers to earnings before interest,
tax, depreciation and amortisation.
£1,714m
£169m
18%
Revenue CAGR
2
£279m
£17m
22%
Underlying EBITDA
3
CAGR
2
16.3%
10%
630bps
Underlying EBITDA margin expansion
Six bolt-on
transactions
Hope
Lagan
BMC
Cemex
UK assets
Twelve bolt-on
transactions
Breedon
Lionmark
Breedon Group plc
Annual Report and Accounts 2025
02
Better, stronger business
We are stewards of
1.5 billion tonnes of high-
quality mineral reserves
and resources which
provide a long-term store
of incumbent value.
Reserves and resources
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0.8bn
tonnes
1.5bn
tonnes
03
Strategic report
Governance
Financial statements
Additional information
1
Mineral pull through proportions are for illustrative purposes only.
Our vertically-integrated
business model enables
the efficient extraction,
processing and distribution
of value-added materials.
Quarry
Concrete block
Ready-mixed concrete
Cement plant
Surfacing
Asphalt
Aggregates
CONSTRUCTION AND HOUSEBUILDING
INFRASTRUCTURE
Vertically-integrated, asset-backed
business model
Aggregates
Asphalt
Surfacing
Vertical-integration
pulls through high-
margin materials
from our valuable
mineral asset base,
maximising routes
to market and
enhancing returns.
Provides security of
supply and enhanced
service, strengthening
customer relationships.
Aggregates-led routes to market;
pulling through mineral
1
Revenue
Profit
Better, stronger business
Breedon Group plc
Annual Report and Accounts 2025
04