Slides
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4 August 2026SIG plcH1 2026 Results
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2 H1 2026 Results Agenda Pim VervaatCEOSimon KestertonCFOChris LodgeMD UK Roofing Pim Vervaat OverviewSimon KestertonFinancial resultsPim Vervaat / Chris LodgeBusiness reviewPim Vervaat / Simon KestertonStrategy and Outlook
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OverviewPim Vervaat, CEO
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4 • Experienced CFO with 20+ years track record of organisational and financial transformations delivering significant shareholder value• Last 6 years as CFO of Kier Group where the financial and operational transformation resulted in material profit improvement and cash generation leading to a significantly strengthened balance sheet• Former CFO of RPC Group, a complex, multi-site international business with €4bn turnover• Current Mpac NED and Audit Chair New CFO Simon Kesterton joined SIG on 1 May 2026
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5 H1 2026 resultsResilient overall performance in difficult marketsQ2 returning to growth following a weather impacted Q1Benelux business returning to profitabilitySignificant further cost savings achievedMaintaining strong liquidity SIG is building a higher-quality specialist distribution platform Targeting £50m operating profit improvement by mid 2028Aiming to generate at least £100m of cash by the end of 2027Longer term return on sales target 3% to 5% Net debt to EBITDA target of less than 3.0xDeploying technology (AI) to optimise key business processes Vision 2030 value creation plan
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Financial ResultsSimon Kesterton, CFO
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7 • H1 Group LFL sales down 1.5% on prior year• Gross margin impacted by competitive pricing and low demand• Operating profit reflects weather impacted Q1• Free cash outflow of £16m reflects period end stock build• Robust liquidity of £154m at period-endNotes: All data presented on a post-IFRS 16 basis unless stated otherwise. Leverage defined as net debt / LTM EBITDA. Financials£'m H1 H12026 % 2025 % ΔRevenue 1,293.3 1,304.4 (0.9)%LFL sales growth(1.5)% 1.5%Gross profit 309.023.9%315.424.2%(30)bpsUnderlying operating profit 10.50.8%15.41.2%(40)bpsFinance costs (26.8) (25.8) (1.0)Underlying loss before tax (16.3) (10.4)(5.9)Other items (5.3) (22.7) 17.4Loss before tax (21.6) (33.1)11.5Taxation 0.2 (1.3) 1.5Loss from continuing operations (21.4) (34.4)13.0Adjusted basic EPS (p) (1.4) (1.0) (0.4)Free cash flow (15.9) (9.3) (6.6)Underlying EBITDA 50.6 54.0 (3.4)Net debt, including leases (532) (524) (8.2)Leverage 5.0x 4.9x 0.1x
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8 Revenue developmentVolume, price and total LFL trend yoy • Ongoing market softness across most of our geographies, particularly in UK, French and German markets• Positive LFL in each month of Q2’26• Most businesses showing improved Q2 over Q1, with 1.2% LFL growth in Q2• Pricing impact broadly flat with input cost inflation offset by competitive product pricing Operating CompanyQ1 26 Q2 26Q2 vs Q1 VarH1 26UK & Ireland - Interiors (6.4) (1.6)4.8(4.0) 379UK - Roofing (0.7) 3.94.51.7 226UK & Ireland (4.4) 0.44.8(1.9) 605France (4.0) 0.74.7(1.5) 296Germany (9.7) (1.4)8.3(5.5) 212Poland (2.9) 10.113.04.0 132Benelux 13.5 2.6(10.9)8.0 48EU (4.5) 1.86.4(1.2) 688Group (4.4) 1.25.6(1.5) 1,293LFL %H1 26 Revenue £m(6.0)%(4.0)%(2.0)%-2.0%4.0%Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26PricingVolumeTotal LFL
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9• Volume decline largely reflects weak demand in UK, positive volumes in Poland, Ireland and Benelux divisions• Branch changes reflect closure of Mayplas (UK) & MPA (Benelux) and branches across UK, France and Germany• Positive FX impact in period, fewer trading days in H1 2026 Revenue£1,304m £1,293m 2.3%0.8%0.7%1.3%H1 2025 LFL - volume LFL - pricing Branch changes Working days/FX H1 2026
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10Note: Data represents underlying performance. Above schedule is on a constant currency basis, with FX movements on gross profit and operating expense broadly cancelling each other out (c.£5m each).• Declines in underlying volumes partially mitigated through pricing growth • Other GM changes includes mix effects and lost GP from closed branches• Operating cost inflation of c2% (£6m)• Management actions of £10m include £3m from restructuring and branch closures and £3m from procurement savings Operating profit bridge£15m £11m £(7)m£2m £(3)m£(6)m£10m H1 2025 SalesvolumeSalespricingOtherGM changesOpexinflationManagement Actions H1 2026
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11 £51m £11m £16m£36m£6m£8m £6m£26m£1mUnderlyingEBITDALeasepaymentsCapex WorkingcapitalCashexceptionals &otherOperatingcash flowInterest andfinancingTax Free cashoutflow Free cash flow • Significant reduction in working capital despite pre-price increase stock build• Cash exceptionals include restructuring (£3m) and ERP implementation costs (£1m)• Operating cashflow of £11m, representing 104% conversion of operating profit Working capital % of LTM sales:2025: 9.5%2026: 7.3%
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122026 2027 2028 2029€300m Senior Secured notes€13.5m Senior Secured £90m RCFFinancing and liquidityJun 2026£m532Net debt5.0xLeverage(1)209Net debt (exclude finance leases)154Liquidity Maturities by calendar year• Leverage slightly increased with lower EBITDA and free cash outflow• Liquidity of £154m consists of cash of £64m and undrawn RCF of £90m• Target Leverage <3.0xPlans developed to optimise debt capital and improve leverageNote: (1) Leverage defined as net debt / LTM EBITDA
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Pim Vervaat, CEOBusiness Review
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14 UK Roofing3FranceUK & Ireland InteriorsPolandBeneluxGermany H1 2026 Operating profit2(£’m) 1) LFL revenue growth vs H1 20252) Underlying operating profit.3) Includes Building Solutions H1 2026 Operating margin2 3.2%1.6%0.6%0.9%0.7%0.0%LFL11.7%(1.5)%(4.0)%4.0%8.0%(5.5)%22629637913248212Revenue(£’m) LFL revenue, operating margins & profit 0.00.31.22.34.77.3
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15 France and Germany£(3.5)m£5.6m• Markets remain challenging but improving as evidenced by higher Q2 sales• Reduction in profitability reflects market weakness partly offset by cost reductions measures (including closure Lyon branch)• Good progress implementing AI tools • Continued difficult market circumstances impacting profitability• Further cost measures being implemented• Customer engagement improved with the Omni channel ”go live” £5.6m £m H1 2026 H1 2025Sales296 296LFL sales(1.5)% (5.2)%Operating profit4.7 7.2£m H1 2026 H1 2025Sales212 217LFL sales(5.5)% 0.4%Operating profit0.0 0.7
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16 Poland and Benelux• LFL Revenue up 4% despite difficult start to the year due to very cold winter• Digital omni-channel capabilities driving market share gains• Good progress made establishing the AI roadmap £(4.5)m£(1.3)m• Revenue up 8% significantly outperforming the Dutch market and returning to profitability in H1• Regaining market position following the reorganisation of the division during the last two years• Announced closure of significantly loss making MPA (Belgium) Benelux£m H1 2026 H1 2025Sales132 124LFL sales4.0% 2.5%Operating profit1.2 1.4£m H1 2026 H1 2025Sales48 46LFL sales8.0% 3.3%Operating profit0.3 (0.8)
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17 UK & Ireland£(3.5)mUK & Ireland Interiors1 1) UK & Ireland Interiors, formerly the separate “UK Interiors” and “Ireland” division prior to the Q2’26 restructuring. • Division now includes Ireland reflecting management structure• Revenue 6% up in Ireland but 7% down in the UK against a very difficult market backdrop• Restructuring of Euroform and CMS Danskin businesses ongoing with PTG structure discontinued £(3.5)mUK Roofing• Market leader in roofing, continuing to gain share in difficult markets.• Includes Building Solutions (H1 sales of £37m) which is growing by 13% and improving its profitability £m H1 2026 H1 2025Sales379 399LFL sales(4.0)% 5.5%Operating profit2.3 5.4£m H1 2026 H1 2025Sales226 223LFL sales1.7% 4.3%Operating profit7.3 6.8
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The home of RoofingChris Lodge
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The home of roofingCopyright © SIG Roofing | Part of SIG PLC19 SIG Roofing | Overview#1 IN ITS MARKETSPECIALIST ROOFING MERCHANTPITCHED | FLAT | INDUSTRIAL | SOLAR
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The home of roofingCopyright © SIG Roofing | Part of SIG PLC20 SIG Roofing | H1 Review•UK Market; continued weak demand leads into 20261;•Private New Build -10%•Private RMI -8%•Robust performance with Flat LFL, taking share in a declining market (4% ahead of market2)•Overcame weather disruption in Q1 however, further extremes challenge June and July•Despite cost inflation pressures, operating margin improved (+20bps) vs H1 2025•Generated £6m free cash flow supported by working capital management discipline•Continued market outperformance driven by commercially led strategy with targeted growth levers combined with a focus on people and customers¹CPA 2026 Construction Industry Forecasts (Summer 26)²Management view against industry indicators (GfK, Market Intel.)
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The home of roofingCopyright © SIG Roofing | Part of SIG PLC21 SIG Roofing | Looking ahead•UK market expected to remain challenging for H2 2026•Our focus on our people will continue to give us a solid foundation to outperform•Accelerate the support for our customers in targeted initiative areas such as Solar training and technical support•Expanding customer proximity through digital channels and new branches is a key strategic lever, enabling growth ahead of the underlying market•Advancing AI roadmap to simplify front line and strengthen customer service in pricing and inventory optimisation•The medium-term outlook continues to be supported by strong structural demand drivers, notably the housing undersupply and a recovery in RMI demand
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Pim Vervaat, CEOSimon Kesterton, CFO Strategy & Outlook
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23 SimplifyVision 2030 - Building a higher-quality, more focused SIG Reaffirm our Operating Model• Network-driven procurement savings• Review of logistics model and fulfilment efficiency• More dynamic capital management to reduce the cost of debt Embrace AI and enabling technologies• Accelerate dynamic pricing initiatives• Enhance supply chain performance• Support the network-driven procurement initiative• Establish more efficient support functions • Business portfolio rationalisation: close or sell where the value case is right• Property portfolio and branch footprint rationalisation• Consolidation of organisational structures and reporting linesCreate a best-in-class specialist distribution platform, capable of delivering 3–5% operating margin through the cycle Markets not expected to recover in the short-term leading to more management actionOptimise Operating LeverageOptimise the Business Portfolio
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24 Sales outperformance versus marketOptimised cost base ahead of market recoveryRobust liquidityFootprint and logistics optimisationOperating profit improvement£50m run rate improvement by mid 2028Operating profit improvement£50m run rate improvement by mid 2028Vision 2030: Sources of value creation Working capital optimisation(1)Disposal proceeds Cash GenerationAt least £100m cash generated by end of 2027Cash GenerationAt least £100m cash generated by end of 2027Procurement (£25m) Back office simplification1) Includes use of factoring Closures and organisational simplificationMarket share gains / margin enhancementAccelerated by investment in AI Technologies
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25 Outlook• Main markets expected to remain subdued in H2• FY 2026 underlying operating profit expected to be c. £25m• Aiming to reduce net debt in H2• Expect to maintain healthy levels of liquidity going forward• Value creation plan accelerating
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26 Investment takeawaysStrong market positions in structural growth marketsSignificant management-controlled self-help potential underpinning Vision 2030 targets: •£50m run-rate profit improvement targeted by mid 2028•At least £100m cash generation by the end of 2027•3% - 5% operating margin through the cycle•Leverage less than 3.0x net debt to EBITDAReshaping SIG into a higher-quality AI-enabled specialist distribution platform123
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Appendix
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28 UK&I47%France23%Germany16%Poland10% Revenueby region H1 2026412BRANCHES ACROSS FIVE GEOGRAPHIES6,500+COLLEAGUESc1,100DELIVERY FLEET SIG overviewOur Pan-European operationsBLX 4%
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29 •Inflation:oOperating cost inflation expected to be approximately 2-3%•Capexof £15-20m•Net interest charge expected to be within the range of £54-£56m•Tax:oMajority of EU operations expected to continue at prevailing local tax ratesoUnrecognised deferred tax assets in the UK and Benelux continue to impact the Group's effective tax rateoGroup tax credit expected to be in the low single-digit £m's, driven by the recognition of deferred tax assets on German tax lossesoCash tax outflow in low-single digit £m's Technical guidance – FY 2026 expectations
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30Data represents underlying performance post-IFRS 16. Group stated net of central costs. Underlying financials by segmentRevenue£'m LFLOperating profit/(loss)£'mChangevs PY£'mOperatingmarginChangevs PYUK & Ireland - Interiors 379 (4.0)% 2.3 (3.2) 0.6% (0.8)%UK - Roofing 226 1.7% 7.3 0.6 3.2% 0.2%UK & Ireland 605 (1.9)% 9.6 (2.6) 1.6% (0.4)%France 296 (1.5)% 4.7 (2.4) 1.6% (0.8)%Germany 212 (5.5)% - (0.7) - (0.3)%Poland 132 4.0% 1.2 (0.2) 0.9% (0.3)%Benelux 48 8.0% 0.3 1.1 0.7% 2.4%Group 1,293 (1.5)% 10.5 (4.9) 0.8% (0.4)%
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31 Other items Cash Impact£'mH12026H12025H12026Amortisation of acquired intangibles (0.2) (1.0) -Impairment charges - (22.1) -Net restructuring costs (2.8) 0.2 (2.8)Cloud based ERP implementation costs (2.0) (0.3) (1.3)Other (0.2) 0.5 (0.1)Impact on operating profit (5.2) (22.7) (4.2)Non-underlying finance costs (0.1) (0.1) -Impact on loss before tax (5.3) (22.8) (4.2) PBT Impact
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32 Cash flow and net debt• Strong working capital inflow, reflecting working capital initiatives including introduction of new factoring facilities, partially offset by pre-price increase stock build• Lease payments consistent• Capex primarily branch maintenance, renovation and HSE• Cash exceptionals include restructuring (£3m) and ERP implementation (£1m)• Interest payments consistent£'m H1 H12026 2025Underlying operating profit 11 15Add back: Depreciation & amortisation 40 39Underlying EBITDA 51 54Working capital movements 8 13Repayment of lease liabilities (36) (35)Capital expenditure (6) (8)Cash exceptionals (4) (5)Other (1) (1)Operating cash flow 11 18Interest and financing (26) (25)Tax (1) (2)Free cash flow (16) (9)Payments related to previous acquisitions - -(Repayment)/(repayment) of debt (0) (0)Total cash flow (16) (10)Cash at beginning of the period 81 87FX impact (1) 4Cash at end of the period 64 82Bonds (257) (266)Other debt (16) (5)Net debt - pre leases (209) (190)Net leases (323) (333)Net debt - post leases (532) (524)
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33 Net debt bridge £518m £532m £51m£8m£36m £26m £6m £4m £1m H2 2025Net DebtUnderlyingEBITDAWorkingcapitalLease additions/renewalsInterest andfinancingCapex Cash exceptionals Provisions/Other/FXH1 2026Net Debt
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34 Number of trading sites31 Dec2025Opened Closed30 Jun2026UK & Ireland - Interiors 62-- 62UK - Roofing 112-- 112UK & Ireland 174 - - 174France 136 1 (1) 136Germany 49 - - 49Poland 50 - - 50Benelux 4 - (1) 3Group 413 1 (2) 412