SigmaRoc (SRC) Q3 2026 TU earnings summary

Executive summary

• 9M revenue, underlying EBITDA and EBITDA margin improved; the Board’s view of FY26 expectations remains unchanged.

• Q3 trading held up despite subdued residential construction and uncertainty across some markets.

Financial highlights

• 9M revenue rose 2.5% to £795m (2025: £775m).

• 9M underlying EBITDA increased 7.5% to £207.3m (2025: £192.9m).

• Underlying EBITDA margin was 26.1%, up 120bps from 24.9% in 2025.

Outlook and guidance

• Board confidence in FY26 expectations is unchanged; consensus is revenue of £1,074m, underlying EBITDA of £280m (range £276m–£285m) and underlying basic EPS of 11.6p.

• Q4 market uncertainties are expected to persist; EU support for steel and mining, German stimulus and a possible residential construction recovery are potential tailwinds, with timing uncertain.

• AB Dolomitas is expected to complete later in 2026 and be earnings-enhancing in 2027.