SigmaRoc (LON: SRC) reported first‑half 2026 revenue of £523.1 million, a 2.5% year‑on‑year increase, and underlying EBITDA of £131.2 million, up 11.3% from the comparable period. The EBITDA margin expanded to 25.1%, a rise of 200 basis points, while earnings per share reached 5.23 pence, 12.2% higher than a year earlier.
Leverage improved to 1.66 times, down from 1.80x at the end of 2025, and sits within the company’s 1.5‑2.0x target range. Net debt fell to £462.6 million from £472.4 million a year earlier. Free cash flow before growth capital expenditures was £67.0 million, representing a 51.1% conversion rate; after growth capex, free cash flow stood at £60.0 million.
Regional performance showed Central Europe contributing £228.6 million of revenue (44% of total) with an EBITDA margin of 28.7%, up 250 basis points. The Nordics generated £129.9 million in revenue, up 7%, and a 21.9% EBITDA margin. The UK and Ireland segment saw revenue dip 1% but EBITDA surge 23.8% to £35.4 million, driven by a £4.8 million benefit from internalising haulage. Western Europe posted £33.8 million in revenue, a 7% rise, though its margin slipped 80 basis points to 26.0%.
End‑market breakdown indicated industrial applications accounting for 36% of sales, with revenue up 12% to £191 million. Environmental applications grew 7% to £115 million, while construction fell 6% to £217 million, of which residential projects represented roughly 28%.
The company confirmed a strategic acquisition of Dolomitas, Lithuania’s largest dolomitic limestone producer, for a total consideration of €110 million, including €20 million in shares. The deal, priced at a 6.0x EBITDA multiple, is expected to close in Q4 2026. Dolomitas reported €70 million of revenue in 2025 and an EBITDA margin of 25.7%, delivering approximately €18 million of EBITDA. The target’s average production is 3.5 million tonnes, with reserves extending about 45 years.
SigmaRoc highlighted the relevance of dolomitic limestone to its green‑steel initiatives, noting that electric‑arc furnace (EAF) and direct‑reduced‑iron (DRI) steelmaking rely on dolime. Global dolomite demand is projected to grow 4% annually, reaching 239 million tonnes by 2031, with calcined dolomite comprising 46% of the market.
Sustainability metrics showed a variable cost structure of roughly 70%, energy intensity of 15.6 GWh per £1 million EBITDA (a 39% improvement versus peers), and carbon intensity of 11.6 kt CO₂e per £1 million EBITDA (31% lower than peers). MSCI assigned the group an AAA ESG rating.
CEO Max Vermorken described the half‑year as “fantastic,” citing the 11.3% EBITDA increase and 12.2% EPS rise despite mixed market conditions. Management reaffirmed confidence in its long‑term mineral reserves and signalled vigilance on Middle‑East developments while preparing for both headwinds and tailwinds.
