SigmaRoc (SRC) Q4 2025 TU earnings summary

Executive summary

• Delivered strong FY25 results, exceeding consensus and prior EPS guidance by approximately 10%.

• Achieved robust performance across all key metrics, with significant operational improvements and synergy realization.

• Completed strategic divestments and closed the divestment program, focusing on portfolio optimization.

Financial highlights

• Revenue increased 4% year-over-year to £1,036m, driven by pricing and mix benefits despite lower volumes.

• Underlying EBITDA exceeded £262m, up over 16% year-over-year; EBITDA margin rose 280bps to 25.3%.

• Underlying EPS reached 10.5p, about 10% above guidance and 26% higher year-over-year.

• Covenant leverage improved to 1.8x from 2.1x, supported by strong cash flow.

• ROIC improved to over 12%.

Outlook and guidance

• FY26 expected to benefit from German infrastructure stimulus, steel and residential market recovery, and structural trends.

• Weather disruptions impacted early FY26 in Poland and Belgium; cost management remains a focus.

• Anticipates improved conditions in European steel and construction from H2 2026, with additional support from defense spending and lower interest rates.

• Board maintains a cautiously optimistic outlook for FY26.