**Summary of SIG PLCs Full Year Results for the Year Ended 31 December 2025**
SIG PLC, a leading pan-European supplier of specialist building products, reported its full-year results for 2025, highlighting resilience in challenging market conditions and progress on strategic initiatives.
**Financial Highlights**
**Revenue** £2,591.0 million, down 1% from £2,611.8 million in 2024, with like-for-like (LFL) sales flat year-on-year.
**Underlying Operating Profit** £32.1 million, up 28% from £25.1 million in 2024, driven by cost reduction initiatives.
**Underlying Loss Before Tax** £20.0 million, compared to £14.3 million in 2024, reflecting continued market challenges.
**Net Debt:** £518.2 millionup from £497.3 million in 2024with leverage unchanged at 4.7x.
**Statutory Loss Before Tax** £61.7 million, compared to £44.8 million in 2024, including £41.7 million of Other items (e.g., impairments, restructuring costs).
**Key Operational Achievements**
**Cost Reduction** Saved £39 million through restructuring and productivity initiatives, mitigating the impact of lower volumes and cost inflation.
**Strategic Progress**
UK Interiors operating profit improved by £9 million.
Benelux reduced operating losses by £3.2 million.
Launched e-commerce platforms in France and Germany to enhance customer experience.
**Liquidity** Robust liquidity of £171 million, including £81 million in cash and £90 million undrawn revolving credit facility (RCF).
**Market Conditions**
Subdued demand across European construction markets, particularly in the UK, Germany, and Ireland, with pricing pressure and input cost deflation.
SIG outperformed the market in most geographies, gaining market share.
**Strategic Focus**
**Growth** Continued sales growth ahead of the market, notably in UK Interiors (5% LFL growth).
**Execution** Streamlined operating costs and improved efficiency to position for future growth.
**Modernisation** Expanded e-commerce platforms and digital capabilities.
**Specialisation** Realigned UK Specialist Markets businesses to exploit synergies and focus on higher-margin categories.
**Vision 2030**
Aim to achieve 3%-5% operating margin through the cycle, with robust cash generation.
Focus on cost efficiencyprocurement optimizationand portfolio simplification.
**Sustainability**
Reduced operational carbon emissions by 1% and improved waste management.
Maintained stable employee engagement levels despite restructuring.
**Outlook**
Expect market softness in 2026, with potential recovery in the second half.
Focus on self-help measures to drive cost savings and working capital improvements.
Aim to maintain healthy liquidity and deliver further financial and strategic progress.
**CEO Commentary (Pim Vervaat)**
Highlighted robust trading performance and strategic progress despite challenging markets.
Emphasized opportunities to increase shareholder value through operational leverage and portfolio optimization.
Confident in delivering targeted 3-5% operating margin in the medium term.
**Conclusion**
SIG PLC demonstrated resilience in 2025, achieving underlying operating profit growth through cost discipline and strategic initiatives. Despite ongoing market challenges, the company is well-positioned to capitalize on future recovery, supported by its Vision 2030 strategy and focus on efficiency, digitalization, and specialization.
| Metric | 2025 (£m) | 2024 (£m) | Change |
|---|---|---|---|
| Underlying Revenue | 2,591.0 | 2,611.8 | (0.8%) | tr>
| Underlying Operating Profit | 32.1 | 25.1 | 28% |
| Underlying Operating Margin | 1.2% | 1.0% | 0.2% pts |
| Net Debt | 518.2 | 497.3 | 4% |
| Leverage (x) | 4.7 | 4.7 | 0.0 |
| Free Cash Flow | (12.0) | (38.6) | 69% improvement |
| Operating Cash Flow | 42.7 | 4.2 | 917% increase |