• Property EBITDA expected to exceed 1H25 due to revaluation gains and development profits
• Building Products Australia EBITDA expected to be slightly ahead of 1H25
• Building Products North America to deliver positive 2H25 EBITDA, but with a marginally positive FY25 EBITDA

Brickworks Ltd has provided a trading update for the second half of the 2025 financial year (2H25). The company expects Property EBITDA for 2H25 to exceed that reported in 1H25, driven by a $65 million revaluation gain in the Industrial Property Trust and a $39 million development profit from Oakdale East Stage 2. In the Building Products division, the Australia business is expected to deliver 2H25 EBITDA slightly ahead of 1H25, while the North America business is anticipated to report positive 2H25 EBITDA, though with a marginally positive EBITDA result for the full FY25. This is due to a larger than anticipated decline in North American market conditions in 2H25, with ongoing economic uncertainty, elevated interest rates, and subdued consumer sentiment contributing to the soft trading. As a result, Brickworks expects to recognize a post-tax, non-cash impairment charge of approximately A$75 million (pre-tax A$102 million) to its North America business. The company's full-year results remain subject to finalisation and audit, and no guidance can be provided on net profit after tax until investment earnings are finalised. The proposed merger with Washington H. Soul Pattinson and Company Limited announced on 2 June 2025 remains unaffected by this update.