SigmaRoc Reports 11.3% Increase in H1 2026 EBITDA Amid Rising Lime and Minerals Demand

Revenue and Profitability Growth Drive H1 2026 Success

SigmaRoc posted like-for-like revenue of a3523.1m for the six months ending 30 June 2026, a 2.5% increase from a3510.3m in the same period last year. This revenue growth coincided with significant profitability gains, as underlying EBITDA increased 11.3% to a3131.2m from a3117.8m. The EBITDA margin expanded to 25.1%, up 200 basis points from 23.1% in H1 2025, reflecting the company’s focus on margin enhancement through cost control and commercial discipline.

Underlying EBIT rose 3.9% to a389.5m, while free cash flow improved 8.2% to a367.0m, highlighting strong earnings quality. Earnings per share climbed 12.2% to 5.23p, benefiting from operational improvements and refinancing effects on net finance costs. Pricing momentum remained robust throughout the period, supporting margin expansion in key segments. The group maintained a flexible cost structure that effectively mitigated volatile energy market pressures.

Core Volume Growth Signals Market Stabilisation After Three Years

SigmaRoc achieved a key milestone with a 1% like-for-like core volume increase in H1 2026, reversing a three-year decline. Volume growth was uneven, with Q1 impacted by weather but strong gains in Q2. Including discontinued lower-margin businesses exited in 2025, overall volumes declined 3%, reflecting a strategic shift away from lower-margin contracts toward higher-return activities.

Volume recovery occurred despite geopolitical tensions in the Middle East, which the company managed through commercial initiatives and cost discipline. This growth validates the lime and minerals sector’s resilience and SigmaRoc’s capability to navigate demand uncertainty. Management highlighted emerging structural trends supporting volume growth, particularly linked to energy transition projects and European re-industrialisation.

Industrial Segment Expansion Fuels Revenue Mix Shift

The Industrial segment, accounting for 36% of H1 2026 revenue (up from 32%), showed strong performance driven by EU re-industrialisation policies impacting end-market demand. Volume growth was seen in steel, pulp and paper, and chemicals, while metals and mining remained flat and other industrial areas met expectations. This reflects accelerating structural tailwinds from Europe’s manufacturing revival and industrial capacity growth.

The Energy and Environment segment, representing 22% of revenues (down from 23%), continued structural growth with improvements in flue gas treatment and water applications, alongside modest agricultural expansion. The Construction segment, comprising 42% of revenues (down from 45%), showed recovery after Q1 weakness. Infrastructure demand in Germany remained strong across rail, road, and energy projects, whereas UK residential construction faced challenges. Permit approvals in Germany, Poland, and the Nordics indicate emerging residential demand.

Klinthagen Permitting Secures 64 Million Tonnes of Limestone Reserves

A major strategic achievement was securing permits for 64 million tonnes of high-grade limestone at Klinthagen, Sweden. This milestone follows a lengthy planning process and is contingent on butterfly preservation measures and appeal outcomes, reflecting environmental standards in Nordic regulations. Lime and limestone are critical for Scandinavian steel, pulp, paper, and environmental treatment industries.

This reserve expansion strengthens SigmaRoc’s asset base for long-term value in a key geographic market. Sweden’s industrial sectors heavily rely on consistent limestone supply, and the increased reserves support sustained demand. The company is also on track with commissioning a new Belgian aggregates plant in H2 2026, alongside ongoing organic and inorganic growth initiatives.

Balance Sheet Strengthened and Acquisition Capacity Increased

SigmaRoc improved its balance sheet in H1 2026, reducing covenant leverage to 1.66x from 2.04x, an 18.6% decrease driven by strong cash flow and disciplined capital use. The group completed a refinancing with an e0825m investment-grade facility plus a e0300m accordion option, enhancing acquisition funding and enabling pursuit of consolidation opportunities in European lime and minerals markets.

Return on Invested Capital (ROIC) rose 50 basis points to 11.8% from 11.3%, reflecting progress toward best-in-class returns for a European minerals platform. The combination of improved ROIC, lower leverage, and increased acquisition capacity positions SigmaRoc to execute its consolidation strategy while maintaining financial discipline. The investment-grade refinancing demonstrates access to institutional capital markets and underscores the underlying business quality.

CRH Integration Synergies Drive Operational Excellence

Benefits from the CRH Lime and Limestone acquisition are now fully realized, with ongoing synergy delivery and integration gains. This transaction, completed in prior periods, has been fully integrated into SigmaRoc’s operations, enhancing margins and cost efficiencies. Management expects further benefits as market conditions and demand cycles improve, showcasing the group’s ability to extract value through active management and operational discipline.

SigmaRoc’s strategy focuses on acquiring assets in fragmented markets and improving them through operational enhancements targeting safety, productivity, and profitability. The demonstrated synergy delivery and margin expansion validate this approach and support confidence in future consolidation. A flexible cost base enables mitigation of volatile energy costs, a strategic advantage given the energy-intensive lime and limestone production.

Top MSCI AAA ESG Rating Highlights Sustainability Commitment

SigmaRoc earned MSCI’s highest ESG rating of AAA during the period, reflecting strong external recognition of its environmental, social, and governance focus and transparent ESG reporting. This achievement underscores the company’s dedication to sustainable business practices and societal value, increasingly important to institutional investors and customers.

The company emphasizes lime and limestone’s critical role in the sustainable economy transition. Emerging uses include lithium battery production and recycling, construction decarbonisation via cement substitution, new sustainable building materials, and environmental applications such as lake liming, air pollution treatment, and direct air capture. These align with European structural trends and regulations, positioning SigmaRoc to benefit from sustainability-driven demand across multiple markets.

Structural and Cyclical Drivers Support Positive Mid-Term Outlook

SigmaRoc identified multiple structural and cyclical demand drivers underpinning mid-term prospects. Structural factors include energy transition projects, European re-industrialisation, increased defence spending, and expanding AI and data centre investments. These create steady long-term demand for lime and limestone in industrial, environmental, and infrastructure sectors. The company noted AI infrastructure expansion will boost demand in construction and industrial segments.

Demand for electrical power, energy storage, battery production, and metals processing supports sustained lime and limestone use. These structural tailwinds are expected to be reinforced by a cyclical recovery in European construction, especially residential housing. The board expressed confidence in meeting full-year consensus expectations, citing operational excellence and improving end markets, while remaining vigilant on Middle East tensions and cost management.

Geographic Diversification Enhances Market Position

SigmaRoc’s geographic diversity remains strong, with over 75% of H1 revenue from Central Europe, the Nordics, and Western Europe. This spread reduces concentration risk and provides exposure to varied industrial, environmental, and construction markets across multiple regulatory and economic cycles. The group operates quarries, production, and distribution facilities across these regions, benefiting from Nordic industrial demand, Central European construction recovery, and Western European environmental and infrastructure projects.

The company is well positioned to benefit from German stimulus spending on infrastructure and industrial growth. Polish residential construction demand, supported by increased permits, offers emerging opportunities. Nordic industrial sectors, especially steel and pulp, underpin core demand. This geographic and sectoral mix, combined with exposure to structural growth themes, supports through-cycle resilience and long-term value creation. SigmaRoc’s leading position and substantial high-quality reserves generate predictable, attractive revenue streams with limited substitution risk.

Interim Results Announcement and Investor Engagement

SigmaRoc will release its interim results for the six months ending 30 June 2026 on Monday, 7 September 2026. An online analyst briefing is scheduled for 08:30 BST the same day, accessible to institutional investors and market participants. Registration is available via email at [email protected]. A live presentation for private investors will follow at 14:30 BST on 7 September via the Investor Meet Company platform, open to all shareholders and potential investors.

Questions for the investor presentation can be submitted through the Investor Meet Company dashboard until 09:00 BST the day before or during the live event. Investors can register free of charge on the platform and add SigmaRoc to their watchlist. Existing followers will receive automatic invitations. These sessions offer direct access to senior management for detailed discussion of H1 results, strategy, and outlook.