Marshalls 2025 Results Show Solar Roofing as Strongest Performer

Solar Roofing is the stand-out performer for Marshalls plc, as it reports its full year results for the 12 months ended 31 December 2025.

The building products manufacturer gained 2% growth in revenue with 41% increase in operating profit and 55% in profit before tax.

The Group’s focus on strengthened customer relationships is beginning to deliver, the company says, with 4% volume growth outperforming a flat market.

The business has acted through the year to adjust manufacturing capacity to market conditions, reduce its portfolio complexity and tighten commercial practices to deliver profitably at current levels of demand, it says.

It reports that the business is on track to deliver £11 million of annualised cost savings by the end of 2026.

Roofing Products Division

The Roofing Products division saw overall revenue growth of 4%, with shrinking sales of roofing products masked by c.32% growth in Viridian Solar as it capitalised on new build energy efficiency regulations.

Marley has faced a ‘challenging’ trading and operational backdrop, with mixed demand and shifting supply dynamics in certain categories.

The company says it has prioritised protection of its profit margins and service levels through commercial discipline.

It has targeted investment to strengthen manufacturing efficiency and resilience, protecting and extending Viridian Solar’s leadership position as the market evolves.

Roofing Demand Reshaping

As market conditions softened in the second half of 2025, Marley says there are structural shifts in demand reshaping the new build mix. It says the increasing adoption of solar under Part L is reducing demand for traditional roof tiles, while additional industry capacity has increased competitive intensity in concrete tiles.

The company reports market share gains for its clay tiles during the year as pricing normalised following the stabilisation of gas costs, narrowing the price premium to concrete tiles.

While overall tile volumes are falling, influenced by softer demand and rising solar use, Marshalls expects clay to continue to perform “comparatively well”.

Strategy

Under ‘Transform & Grow’, Marley’s strategic focus is to strengthen share in its roofing heartlands while driving growth in adjacent markets through the accelerated rollout of the full roof offer, deeper customer partnerships and continued investment in specification-led selling, it says.

The company is also modernising some concrete tile manufacturing lines to improve productivity and service resilience.

Marshalls expects supply conditions to remain competitive, with new capacity partially offset by the decommissioning of older assets elsewhere in the market. The company’s focus in 2026 is on maintaining and selectively growing market share, unlocking incremental revenue in targeted geographies, leveraging investment in digital capability, and further improving manufacturing efficiency to support returns through the cycle.

Viridian Solar

With 32% year-on-year increase in revenue, Viridian Solar supplies roof-integrated solar for pitched roofs, principally into new build housing. It is focusing on protecting and extending its market position through continued investment in product development and customer service; strengthening partnerships with national and regional housebuilders; and ensuring operational capacity and supply chain resilience to deliver reliably at scale.

Building Regs and Future Homes Standard

The firm identifies the transition to the 2021 update of Part L building regulations driving increased solar adoption by housebuilders resulting in a growing market for Viridian in 2025, with that growth expected to slow down in 2026.

The company says it is waiting for the publication of the Future Homes Standard, which has the potential to “significantly grow” Viridian Solar’s UK market.

It says the brand benefits from its product and service features including human rights assurance.

Solar Fire Safety

ArcBox, the business’ patented solar fire safety product, increased UK sales volumes by around 35% to £2 million and in international markets by around 160%. A new European sales team will be established in 2026 to further increase sales .

Other Divisions

Marshalls’ Landscaping Products, historically the poorest performing division, saw an improvement plan delivering £3million of cost savings in 2025 with £11million targeted this year.

Infrastructure-led demand is the focus for Marshalls’ Water Management and Mortars division and the company says it’s making ‘good progress’ in converting a growing design and project pipeline into orders.

Bricks and Masonry

Marshalls Bricks & Masonry division saw continued weak trading in 2025 in new housing and stronger competition as clay bricks manufacturers recommissioned capacity in the first half of the year. However, gross margins were maintained.

In November, Marshalls refinanced its £270 million factory as market demand in the first two months of 2026 remained subdued, additionally affected by persistent rainfall, it says.

In the medium-term the company expects more focus on embodied carbon to result in concrete bricks preferred as an alternative to traditional clay products, particularly by housebuilders.

Middle East Conflict

Marshalls says the company’s board is “mindful of the conflict in the Middle East”. However, it says that the absence of clarity on the impact of the conflict on its end markets and cost base means expectations for the year remain unchanged.

Sharper Focus on Execution

Simon Bourne, Chief Executive Officer, commented: “We have acted decisively to strengthen Marshalls’ foundations as part of our ‘Transform and Grow’ strategy. These actions have resulted in a sharper focus on execution with greater emphasis on delivery and commercial discipline alongside more value-driven activity across the business. We are not simply waiting for a cyclical recovery.

“As a result, the business has returned to revenue growth while adjusted profit before tax was in line with the guidance set out in July last year.

“In Roofing and Building Products, we have continued to position the business to capture regulatory and infrastructure-led demand.

“Our strategic direction remains unchanged, and our immediate focus is on executing against our plan with greater discipline, in order to deliver sustainable, profitable growth over the medium term.”

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