SigmaRoc (SRC) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with EBITDA up 11.3% and EPS up 12.2% year-over-year, EBITDA margin rising to 25.1% (+200bps), and revenue up 2.5% to £523.1m, driven by operational excellence and cost control.

• Strengthened balance sheet with leverage at 1.66x, net debt down 7.2% to £462.6m, and ROIC at 11.8% (+50bps YoY).

• Major acquisition of Dolomitas Group in Lithuania for €110m, adding 3.5m tons of annual production and 45 years of reserves, expected to be earnings enhancing from 2027.

• Achieved MSCI AAA ESG rating and advanced kiln decarbonisation and innovation initiatives.

• Continued focus on operational excellence, asset investment, and execution of synergy and self-help programs.

Financial highlights

• Group revenue increased to £523.1m (+2.5% YoY); underlying EBITDA reached £131.2m (+11.3% YoY) with margin at 25.1% (+200bps YoY).

• Underlying EPS rose 12.2% to 5.23p; statutory EPS up 32.6% to 2.97p.

• Free cash flow conversion (pre-growth CapEx) at 51%.

• Net assets at 30 June 2026: £876.8m (2025: £779.4m).

• Finance costs declined due to refinancing; effective tax rate ~20%.

Outlook and guidance

• Full-year 2026 outlook unchanged, with consensus: revenue £1,066m, EBITDA £276m, EPS 11.5p, leverage 1.4x.

• H2 2026 expected to be seasonally stronger and trending ahead of prior year.

• Positive outlook supported by M&A, synergy realization, and structural demand from energy transition and EU re-industrialisation.

• Cautious guidance maintained due to geopolitical uncertainties and interest rate impacts.