olivLaw · European equity research
Breedon Group plc BREE.L
United Kingdom · London Stock Exchange · ISIN GB00BM8NFJ84 · Vertical: Listed companies from United Kingdom
Breedon Group plc is a British producer of aggregates, cement, concrete and asphalt, active in Great Britain, Ireland and, from 2025, the United States. Its revenue of 1,576.3 million GBP in 2025 shows how far the group has grown through acquisitions, and the US expansion changes its risk profile.
At the close of 05 Nov 2026, Breedon Group plc (BREE.L) stock was 3.45 GBP (+0.29% on the day), with market capitalisation 1.2 bn GBP, P/E 14.3 on diluted EPS of 0.24 GBP over the last 12 months, dividend yield 4.34%, beta 0.91, 52-week range 2.73–3.62 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.0
- strong (55–70)
- Bollinger (20, 2)
- 3.03 – 3.53
- in the upper half of the band · %B 0.86 · band width 15.2%
- SMA 50 / 200
- 3.25 / 3.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.8% | +0.4% | +11.4 pp | — |
| 3 months | −0.1% | −3.3% | +3.2 pp | — |
| 6 months | +13.8% | +4.0% | +9.9 pp | — |
| Year to date | +4.9% | +8.1% | −3.2 pp | — |
| 1 year | +1.3% | +10.7% | −9.3 pp | +5.8% |
| 3 years | +7.1% | +50.1% | −43.0 pp | +26.3% |
| 5 years | −32.0% | +43.6% | −75.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 11.7, median 13.6, max 15.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.7 bn |
| Revenue YoY | unavailable | +6.0% | +8.7% |
| Net income | 105.5 m | 96.2 m | 83.8 m |
| Net income YoY | unavailable | −8.8% | −12.9% |
| Diluted EPS | 0.31 | 0.28 | 0.24 |
| Diluted EPS YoY | unavailable | −9.7% | −13.6% |
| net % | 7.1% | 6.1% | 4.9% |
| Free cash flow | 85.1 m | 70.4 m | 105.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 115.5 m GBP
- Financial debt
- 642.8 m GBP
- Net debt
- 527.3 m GBP
- Equity
- 1.2 bn GBP
- Total assets
- 2.4 bn GBP
- Debt / equity
- 0.54x
- Current ratio
- 1.35x
- ROE
- 7.1%
- ROA
- 3.7%
- FCF margin
- 6.2%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.7 bn | esef· 24 Mar 2026verified |
| Operating income | 145.7 m | 149.6 m | 134.8 m | esef· 24 Mar 2026verified |
| Interest expense | 13.9 m | 25.4 m | 29.7 m | esef· 24 Mar 2026verified |
| Pre-tax income | 134.4 m | 125.4 m | 105.3 m | esef· 24 Mar 2026verified |
| Income tax | 28.8 m | 29.1 m | 21.4 m | esef· 24 Mar 2026verified |
| Net income | 105.5 m | 96.2 m | 83.8 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.31 | 0.28 | 0.24 | esef· 24 Mar 2026verified |
| Dividend per share | 0.14 | 0.15 | 0.15 | esef· 24 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 126.9 m | 70.0 m | 115.5 m | esef· 24 Mar 2026verified |
| Receivables | 227.9 m | 261.0 m | 263.4 m | esef· 24 Mar 2026verified |
| Inventories | 120.1 m | 135.7 m | 127.1 m | esef· 24 Mar 2026verified |
| Current assets | 474.9 m | 468.2 m | 506.0 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 817.2 m | 939.1 m | 996.1 m | esef· 24 Mar 2026verified |
| Total assets | 1.9 bn | 2.2 bn | 2.4 bn | esef· 24 Mar 2026verified |
| Short-term debt | 8.1 m | 49.8 m | 49.1 m | esef· 24 Mar 2026verified |
| Long-term debt | 288.7 m | 425.5 m | 593.7 m | esef· 24 Mar 2026verified |
| Current liabilities | 295.6 m | 363.4 m | 375.1 m | esef· 24 Mar 2026verified |
| Total liabilities | 762.1 m | 984.5 m | 1.2 bn | esef· 24 Mar 2026verified |
| Equity | 1.1 bn | 1.2 bn | 1.2 bn | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 339.2 m | 342.3 m | 346.3 m | esef· 24 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 191.9 m | 201.7 m | 225.9 m | esef· 24 Mar 2026verified |
| Capex | 106.8 m | 131.3 m | 120.1 m | esef· 24 Mar 2026verified |
| Free cash flow | 85.1 m ≈ | 70.4 m ≈ | 105.8 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -120.4 m | -296.2 m | -265.2 m | esef· 24 Mar 2026verified |
| Financing cash flow | -46.6 m | -3.0 m | 82.3 m | esef· 24 Mar 2026verified |
| Dividends paid | 37.6 m | 48.3 m | 51.5 m | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality49
- Returns77
- Balance sheet46
- Valuation78
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.5% | 25 (vs peers) | 17% |
| Net margin · Quality | 4.9% | 37 (vs peers) | 10% |
| FCF conversion · Quality | 126.3% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.5x | 47 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.3x | 46 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 14.3x | 61 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.3% | 62 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 48.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns77/100 · 2/2 factors with a value
- Valuation78/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BREEDON GROUP PLC (BREE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn GBP in 2025; YoY growth 8.7%; net margin 4.9%; ROE 7.1%.
The estimated value range is 2.73–4.21 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 3.49 GBP, the price of 3.45 GBP leaves a potential of 1.1% (value / price − 1) and a margin of safety of 1.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 126.3%
- FCF yield: 8.8%
- Payout ratio (FCF): 48.7%
What contradicts it
- ROIC: 6.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BREE.LBreedon Group PLC | 1.2 bn | 14.3 | 7.1% | 4.9% | +8.7% | +5% / −0% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for BREE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.13 Total return -35% · Per year -35% | 3.76 Total return 13% · Per year 13% | 5.65 Total return 69% · Per year 69% |
| 3 years | 2.24 Total return -24% · Per year -9% | 4.44 Total return 44% · Per year 13% | 7.30 Total return 131% · Per year 32% |
| 5 years | 2.37 Total return -13% · Per year -3% | 5.25 Total return 80% · Per year 12% | 9.44 Total return 211% · Per year 25% |
- Exit P/E± 1.11
- Net margin± 0.78
- Annual revenue growth± 0.61
- Annual dilution± 0.07
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Breedon Group plc is a British producer of aggregates, cement, concrete and asphalt, active in Great Britain, Ireland and, from 2025, the United States. Its revenue of 1,576.3 million GBP in 2025 shows how far the group has grown through acquisitions, and the US expansion changes its risk profile 1.
SWOT
Strengths
- Solid position in aggregates and asphalt in Great Britain and Ireland, with access to quarries and in-house production capacity.
- Country-based management structure that allows decisions close to local markets.
- Consistent underlying EBITDA flow from year to year that supports investment and acquisitions.
Weaknesses
- Heavy dependence on the British market limits geographic diversification in the short term.
- Non-underlying items noticeably reduce profit from operations compared with underlying indicators.
- The US segment is new and does not yet have a long history of integrated performance.
Opportunities
- Demand from infrastructure and road maintenance programmes could support volumes over the medium term.
- US expansion could open new regional markets if the integration of acquisitions goes well.
- Consolidating the market through smaller acquisitions could raise regional share in several countries.
Threats
- A slowdown in residential and commercial construction could reduce sales volumes.
- Energy and transport costs could squeeze margins if they cannot be passed on to customers.
- Strong competition in the US could limit the group's market share in its new regions.
Risks
- Integration of US acquisitionshigh
The US acquisitions carry operational and cultural integration risks that could delay expected synergies.
- Construction cyclehigh
A fall in construction demand could directly affect aggregate and asphalt volumes.
- Energy costsmedium
Rising energy costs could compress margins in cement and asphalt production.
- Financing and debtmedium
Credit facilities and USPP loan notes could become more expensive if market conditions worsen.
- Currency exchangelow
Revenues from the US and Ireland are denominated in other currencies, and exchange rate moves can influence results reported in GBP.
Investment thesis
What would need to be true (bull case)
- If the integration of US acquisitions goes well, the group could benefit from a more diversified revenue base and higher profitability over the medium term.
- Sustained infrastructure demand in Great Britain could keep volumes stable even during uncertainty in residential construction.
- If underlying EBITDA keeps growing, the capacity to fund investment and acquisitions could remain solid.
What would break the thesis
- If the US integration is delayed, expected synergies could be postponed and the cost burden could stay high.
- A prolonged construction downturn could reduce volumes and margins, especially in segments with intense competition.
- Non-underlying items could continue to reduce reported profit, which could distort the view of real performance.
What to watch
- Trend in EBITDA margin in the US segment2026
- Level of reported non-underlying itemsnext 10-K
- Demand from infrastructure projects in Great Britain2026
- Implementation of IFRS 18 and its effect on presentation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group is run from Derby, England, and from 2025 is organised by country: Great Britain, Ireland and the United States. Revenue reached 1,576.3 million GBP and underlying EBITDA 269.9 million GBP in 2025 1. The parent company is also a holding entity for dozens of subsidiaries, associates and joint ventures detailed in the annual report 1.
Underlying group operating profit was 170.2 million GBP in 2025 after deducting 99.7 million GBP for depreciation and mineral depletion 1. Non-underlying items reduce profit from operations below the underlying level, which is worth tracking separately.
The parent company has no employees of its own and its flows are managed largely through the consolidated group, so the business analysis relies on consolidated data and the geographic segments 1.
Segments
Great Britain
Great Britain is the largest segment, with revenue of 1,155.8 million GBP in 2025 and underlying operating profit of 114.7 million GBP 1.
Ireland
Ireland generated revenue of 297.6 million GBP in 2025 with underlying operating profit of 55.9 million GBP, making it a smaller market with relatively solid margins 1.
United States
The United States appears as a new segment in 2025, with revenue of 132.5 million GBP and underlying operating profit of 16.4 million GBP, largely from recent acquisitions 1.
Market context
The company operates in building materials, where demand depends on infrastructure, housing and public works in the countries it serves. The report shows revenue and EBITDA rising in recent years, with demand softening in some periods that could affect volumes 1.
Acquisitions in the US and Northern Ireland, including Lionmark and BMC, have widened the group's geographic base and change the demand it addresses, in markets that remain sensitive to the construction cycle 1.
Trends
- US expansionmixed
US acquisitions open a new growth market, but integrating them could squeeze margins if volumes do not strengthen quickly.
- Infrastructure demandtailwind
Infrastructure and road maintenance work can support aggregate and asphalt volumes in Great Britain and Ireland.
- Cost of capital and financingheadwind
Higher financing costs, including for the group's credit facilities, could reduce net margins and investment capacity.
- New reporting standardsmixed
IFRS 18 will change financial statement presentation from 2027, with no material impact expected on recognition or measurement but relevant presentation changes for analysis.
Competitive position
The building materials market in Great Britain and Ireland is fragmented, with many regional producers and a few national players. Competition on price and transport cost is intense, and access to permitted quarries matters a great deal.
In the United States the group enters a market dominated by large competitors, so regional position and integration of acquisitions will be key factors for future results 1.
- CRH plcCRH
Major competitor in aggregates, cement and asphalt, active in both Europe and the United States, and listed in New York.
- Martin Marietta MaterialsMLM
American aggregates and concrete producer competing directly in the regional US markets where the group has expanded.
- Vulcan MaterialsVMC
Leading American aggregates and asphalt producer with a significant presence in markets where the group now operates.
- Cemex
Mexican cement and concrete producer with operations in several countries, relevant especially to the cement and concrete segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Breedon Group plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.