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Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
SIG
SIG (SHI) investor relations material
SIG Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary13 Jan, 2026
Executive summary
Full year like-for-like sales were flat compared to the prior year, with a 1% increase in volumes and subdued demand across all markets, with no recovery in H2.
Underlying operating profit increased by £7 million to approximately £32 million, in line with expectations, supported by significant cost savings.
The group continues to outperform its markets and is confident in ongoing market share gains, with strong commercial execution and productivity gains.
Vision 2030 strategy focuses on optimizing operating leverage, business portfolio simplification, and creating a best-in-class European growth platform.
Management structure for UK Specialist Markets was removed in Q4 2025 to drive cost benefits and synergies.
Financial highlights
Group operating profit reached approximately £32 million, up £7 million year-over-year, with total revenues of £2.6bn.
Free cash outflow improved to £12 million, down from £39 million in 2024.
Year-end liquidity stood at £171 million, including £81 million in cash and £90 million undrawn RCF.
Leverage remained flat at 4.7x year-over-year, with net debt including leases at £518 million.
Operating expenses reduced by about £20 million, with an underlying reduction of £39 million (6%) due to restructuring and productivity initiatives.
Outlook and guidance
Vision 2030 targets 3%-5% operating margins through the cycle and robust, predictable cash generation by 2030.
Short- to medium-term priorities (2026-2027) include maintaining liquidity, cost reduction, and working capital efficiency in preparation for market recovery.
No acquisitions planned for 2026 or 2027; focus remains on organic growth and portfolio optimization.
More detailed 2026 outlook to be provided with full FY25 results in March 2026.
How will 4.7x leverage be addressed?
How will 3-5% operating margin be reached?
What's next for portfolio optimization?
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Next SIG earnings date
H2 20254 Mar, 2026
SIG
Next SIG earnings date
H2 20254 Mar, 2026
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Frequently asked questions
SIG plc engages in the distribution and merchanting of specialist insulation, building products, roofing, and exterior products to construction, residential, and industrial markets in the United Kingdom and Europe. The company offers thermal and draught-proofing materials, including structural and technical insulations, dry linings, construction accessories and fixings, cladding and façade systems; ceiling tiles and grids; partition walls and door sets; floor coverings; roofing systems for pitched roofs, flat roofs, industrial roofing; roofing membranes; battens for pitched roofs; single-ply flat roofing systems; industrial roofing and cladding systems; room-in-roof panel systems; industrial painting and coating services. It also provides painting services. The company operates 426 trading sites. SIG plc was formerly known as Sheffield Insulations Limited
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