• Statutory NPAT up 141% to $21 million
• Underlying NPAT up 308% to $76 million
• Interim dividend increased for 11th consecutive year to 25 cents per share

Brickworks Limited (ASX: BKW) reported strong financial results for the first half of 2025, with Statutory Net Profit After Tax (NPAT) increasing 141% to $21 million and Underlying NPAT rising 308% to $76 million compared to the prior corresponding period. Group Underlying Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was $148 million, up from a loss of $40 million in the prior period. The Building Products Australia division maintained EBITDA margins despite softer volumes, while the Building Products North America division reported an EBITDA loss of $3 million due to challenging market conditions. Property EBITDA increased 121% to $38 million, excluding the impact of property revaluations in the prior period. The company's listed investments, including its 25.65% stake in Washington H. Soul Pattinson & Company Limited, had a market value of $3.26 billion at the end of the half. The Brickworks Board declared a fully franked interim dividend of 25 cents per share, an increase of 1 cent on the prior corresponding period. Looking ahead, the company expects demand for building materials in Australia to remain subdued in the short-term, but forecasts a recovery in building activity across its core regions and segments from 2026 and strong growth from 2027. In North America, challenges are expected to persist due to high mortgage interest rates and affordability issues, though a recovery is projected from 2026. The fundamentals of the company's Property division remain strong, with significant growth in net rental income forecast from the Property Trusts over the coming years.

Brickworks expects modest growth in residential starts in Australia in 2026, with the upswing set to accelerate in 2027. In North America, sales are expected to remain subdued for the remainder of the calendar year, with forecast starts indicating a recovery in building activity across core regions and segments from 2026 and strong growth from 2027.

Looking forward, the company expects the fundamentals of its Property division to remain strong, with demand for warehousing space remaining robust and significant growth in net rental income forecast from the Property Trusts over the coming years. Brickworks' shareholding in Washington H. Soul Pattinson & Company Limited is expected to continue delivering a stable and growing stream of earnings and dividends over the long term.