**Summary of SigmaRoc PLCs Final Results for the Year Ended 31 December 2025**
**Financial Performance Highlights**
**Revenue Growth** Revenue increased by 3.8% to £1,035.9 million, driven by pricing and mix benefits despite lower volumes.
**EBITDA Improvement** Underlying EBITDA rose by 16.7% to £262.2 million, with a margin of 25.3%, reflecting strong cost discipline and synergy delivery.
**Profit Before Tax** Profit before tax surged by 115.9% to £98.9 million, supported by operational efficiency and cost management.
**Earnings Per Share (EPS)** Underlying EPS increased by 25.9% to 10.51p, ahead of previous guidance.
**Free Cash Flow (FCF)** FCF grew by 18.4% to £133.8 million, with a conversion rate of 51%.
**Net Debt Reduction** Net debt decreased by 7.3% to £472.4 million, with covenant leverage improving to 1.8x.
**Operational and Strategic Achievements**
**Synergy Program** Achieved minimum target of €40 million in recurring synergies two years ahead of schedule, lifting EBITDA and offsetting volume-related losses.
**Divestments** Completed the sale of three non-core businesses for £18 million, optimizing the portfolio.
**Refinancing** Secured a new financing facility of up to €825 million on investment-grade terms, enhancing financial flexibility.
**Ventures** SkreenHouse, the venture arm, reviewed over 250 projects and made 8 investments in innovative construction technologies.
**Sustainability** Maintained CDP Climate Change rating of B and improved Water Security rating to B. Progressed decarbonization initiatives, including kiln conversions and increased use of renewable energy.
**Market and Outlook**
**Market Conditions** Core volumes were down 3% due to softer construction and steel markets, but there are encouraging signs of recovery in several regions.
**Structural Trends** Expected benefits from the German infrastructure stimulus, improving steel industry conditions, and increased defense spending.
**Residential Market** Housing remains at cyclical lows, but a significant shortfall in European housing stock suggests potential future demand.
**Growth Opportunities** Data center, AI, and green economy investments provide additional opportunities for the construction materials segment.
**Governance and Investor Engagement**
**Capital Markets Day** Successfully held the inaugural event, outlining the 5-year plan and engaging with over 70% of shareholders.
**Board Stability** Maintained a stable and engaged board, with full attendance and active participation in governance and investor activities.
**Strategic Advisory Board** Established to focus on long-term strategic direction.
**Future Priorities**
**Safety and Operations** Improve safety and operating standards across all sites.
**Margin Protection** Strengthen margins through cost and capital discipline.
**Growth Conversion** Convert improving infrastructure and industrial demand into profitable growth.
**Selective Growth** Pursue organic and acquisitive growth where long-term returns are compelling.
**Conclusion**
SigmaRoc PLC delivered a strong financial performance in 2025, marked by significant improvements in profitability, cash flow, and operational efficiency. The company is well-positioned to capitalize on emerging structural trends in Europe, supported by a diversified portfolio, strategic divestments, and a focus on sustainability. The board remains optimistic about the future, with clear priorities to drive further growth and value creation.
| Metric | 2024 (£m) | 2025 (£m) | YoY Change |
|---|---|---|---|
| Revenue | 997.6 | 1,035.9 | +3.8% |
| EBITDA | 224.6 | 262.2 | +16.7% |
| Profit before tax | 117.6 | 154.0 | +31.0% |
| Net debt | 509.5 | 472.4 | -7.3% |
| Covenant Leverage (x) | 2.09 | 1.80 | -13.9% |