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SIGMAROC 2026 INTERIM RESULTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS Photo: A face shovel at dusk. Dolomitas’ Petrašiūnai quarry, Pakruojis, Lithuania
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SIGMAROC 2026 INTERIM RESULTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX AGENDA GROUP PERFORMANCE Max Vermorken, CEO FINANCE Jan Van Beek, CFO STRATEGIC DELIVERY Max Vermorken, CEO OUTLOOK Max Vermorken, CEO 01 | 02 | 03 | 04 | 2 Photo: Rail Baltica, construction of rail lines
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SIGMAROC 2026 INTERIM RESULTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX OVERVIEW: A STRONG FIRST HALF 3 STRATEGIC DELIVERY INTERIMS Strong results with EBITDA up 11.3% and EPS up 12.2% EBITDA margin 25.1%, up 200bps Balance sheet strengthened with leverage reduced to 1.66x LTM ROIC up 50bps to 11.8% Confidence in full year outlook 1 → Operational excellence driving margins → Major dolomitic limestone acquisition2 → New Belgian aggregates plant on time on budget → Addition of 64m tonnes in Swedish quarry extension3 → AAA ESG rating, MSCI’s highest rating 1. Consensus expectations for SigmaRoc as at 4 September 2026 were revenue of £1,066m, underlying EBITDA of £276m, underlying basic EPS of 11.5p and leverage of 1.4x (note these exclude post period end acquisition); 2. Post period end ; 3. Request to Supreme court to appeal the judgement has been made but Supreme Court has confirmed permit to operate to cont inue
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SIGMAROC 2026 INTERIM RESULTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX AGREED ACQUISITION: LITHUANIA’S LARGEST DOLOMITIC LIMESTONE PRODUCER 4 1. 25 years permitted and c.20 years subject to planning 2. Excludes €8m for various non-core assets including land 3. Management expect Dolomitas acquisition to be earnings enhancing from 2027 Baltic Sea SigmaRoc footprint Dolomitas sites Dolomitic limestone High-grade specialist producer c. 3.5 Mt Average production c. 45 years Reserves and resources €70m 2025 Revenue c.6x LTM EBITDA multiple SRC EPS Earnings enhancing3 From 2027 €110m Consideration2 Including €20m in shares Before synergies Construction, industry, agriculture Largest supplier in Lithuania High-quality dolomitic stone1 Q4 2026 Expected completion Subject to regulatory approval5-year CAGR +7% 25.7% EBITDA margin €18m 2025 EBITDA
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS 01 GROUP PERFORMANCE 5
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS EBITDA GROWTH ACROSS ALL REGIONS 61. Total EBITDA includes £7.1m corporate costs 2. Benefitted from haulage internalisation UK & IRELAND WESTERN EUROPE NORDICS CENTRAL EUROPE GROUP 44% 25% 6% 25% £130.8m -1% YoY Revenue £35.4m2 +23.8% YoY EBITDA 27.1% +550bps EBITDA margin £33.8m +7% YoY Revenue £8.8m +5% YoY EBITDA 26.0% -80bps EBITDA margin £129.9m +7% YoY Revenue £28.5m +12% YoY EBITDA 21.9% +100bps EBITDA margin £228.6m +2% YoY Revenue £65.6m +11% YoY EBITDA 28.7% +250bps EBITDA margin £523m +2.5% YoY Revenue £131m1 +11.3% YoY EBITDA 25.1% +200bps EBITDA margin High-grade minerals Aggregates and stone Value-added products
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS STRONG GROWTH FROM INDUSTRIAL AND ENVIRONMENTAL SECTORS Revenue £191m Group Revenue % 36% Steel § Showing signs of improvement post tariffs & quotas § Rail network modernisation impacted German supply chains Pulp & Paper § Modestly up in period Chemical § Modestly up in period Mining § Robust INDUSTRY Revenue £115m Group Revenue % 22% Water treatment § Benefits from structural growth § Demand driven by regulation Flue gas treatment § O&G price benefitting power generation § Growth in waste to energy Agriculture § Modestly up ENVIRONMENT Revenue £217m Group Revenue % 42% Residential c. 28% of construction § Recovery signs in Germany, the Nordics & Poland § Recent uptick in German housing permits Infrastructure c. 72% of construction § Generally stable § Conflicting signs of infrastructure spend in Germany CONSTRUCTION 7 +12% YoY1 +7% YoY1 -6% YoY1 1. Year-on-year revenue growth 2026: Signs of improvement through re- industrialisation of EU economy 2026: Continued growth in water and flue gas and resilient environmental services markets 2026: Robust infrastructure and defence spending in Europe, potential for residential recovery in some markets
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS CORE VOLUMES UP 1%, OVERALL VOLUMES INCLUDE DISCONTINUED BUSINESS HIGH-GRADE MINERALS VALUE-ADDED PRODUCTS 8 +2% YoY1 +11% YoY1 -2% YoY1 5.1 4.7 H1 25 H1 26 H1 25 H1 26 4.8 4.8 0.6 0.6 H1 25 H1 26 Revenue £362m Group Revenue % 69.2% Volumes (mt) Revenue £76m Group Revenue % 14.5% Volumes (mt) Revenue £86m Group Revenue % 16.4% Volumes (mt) 1. Year-on-year revenue 2. Includes construction aggregates and non-high-grade minerals Robust steel market driving lime improvement Benefitted from stone into industrial applications Dimension stone and ready-mix marginally down AGGREGATES AND STONE2
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS 02 FINANCE 9
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS STRONG H1 26 PERFORMANCE 101. ROIC calculation – Represents LTM EBITA less applicable taxes / Average invested capital (Equity + Net Debt) £523.1m +2.5% YoY REVENUE £131.2m +11.3% YoY EBITDA 25.1% +200bps YoY EBITDA MARGIN 5.23p +12.2% YoY EPS 11.8% +50bps YoY LTM ROIC1 £462.6m -7.2% YoY NET DEBT 1.66x -18.7% YoY LEVERAGE 51.1% -140bps YoY FCF CONVERSION
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS REVENUE (£m) UNDERLYING EBITDA (£m) UNDERLYING EBITDA MARGIN (%) UNDERLYING EPS (pence) ROIC1 (%) ADJUSTED LEVERAGE RATIO (x) MARGIN EXPANSION DEMONSTRATES POSITIVE ATTRIBUTES OF A LIME BUSINESS 11 Note: All figures proforma underlying 523 510 515 290 247 H1 26 H1 25 H1 24 H1 23 H1 22 131 118 116 55 48 H1 26 H1 25 H1 24 H1 23 H1 22 25.1 23.1 22.5 18.9 19.0 H1 26 H1 25 H1 24 H1 23 H1 22 5.2 4.7 4.3 4.0 3.6 H1 26 H1 25 H1 24 H1 23 H1 22 11.8 11.3 10.0 9.8 10.2 H1 26 H1 25 H1 24 H1 23 H1 22 2.57 1.69 2.24 H1 26 H1 25 H1 24 H1 23 H1 22 1.66 2.04 CAGR +21% CAGR +29% +610bps CAGR +10% +160bps 1. ROIC calculation – Represents LTM EBITA less applicable taxes / Average invested capital (Equity + Net Debt)
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS EBITDA DRIVEN BY FOCUS ON OPERATIONAL EXCELLENCE 12 1.2 1.3 3.0 8.2 H1 25 UK & Ireland WE Nordics CE Other & FX H1 26 510.3 (0.9) 523.1 6.8 0.3 2.3 4.8 H1 25 UK & Ireland WE Nordics CE Other & FX H1 26 117.8 (0.8) 131.2 H1 26 REVENUE BRIDGE H1 26 UNDERLYING EBITDA BRIDGE (£m) (£m) Note: UK & Ireland EBITDA includes the benefit of the internalisation of haulage costs, which now appear below EBITDA in the P&L; without this the UK improvement would have been £2m
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS ACTIVE MANAGEMENT SHAPED PERFORMANCE DESPITE MACRO HEADWINDS 13 8.0 5.0 4.8 H1 26Other & FXHaulage internalisation Syn./Self helpPrice/mixVolumes 117.8 (3.3) (1.1) 131.2 H1 25 § Core volumes up in steel and construction aggs § Overall volumes include discontinued business § Pricing positively offsetting mix § Synergies and self-help improve margins § Haulage internalisation securing future capacity § Positive FX impact offset by lower other net gains H1 26 PROFORMA EBITDA BRIDGE (£m)
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS UNDERLYING PROFIT UP 11.3%, EPS UP 12.2% - ON REVENUE UP 2.5% 14 CONTINUING & DISCONTINUED OPERATIONS 6 months to 30 June 2026 (£m) 6 months to 30 June 2025 (£m) REVENUE 523.1 510.3 COST OF SALES (388.1) (379.7) GROSS PROFIT 135.0 130.6 ADMINISTRATIVE EXPENSES (48.4) (49.2) UNDERLYING PROFIT FROM OPERATIONS 87.7 81.4 NET FINANCE EXPENSE (14.4) (19.0) OTHER NET GAINS 2.8 5.1 TAX EXPENSE (15.1) (13.6) UNDERLYING PROFIT 59.9 53.8 UNDERLYING PROFIT ATTRIBUTABLE TO OWNERS 58.0 51.1 UNDERLYING EPS (pence) 5.23 4.66 131.2 Underlying EBITDA Depreciation Finance Tax Underlying profit (41.8) (14.4) (15.1) 59.9 RECONCILIATION: UNDERLYING EBITDA TO UNDERLYING NET PROFIT (£m) ~70% variable costs Materials & production Energy, fuel and carbon Workforce Distribution Other BREAKDOWN OF COST OF SALES
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS 2025 ENERGY INTENSITY (GWh per £m of EBITDA) HOW WE MANAGE IT? 2025 CARBON INTENSITY (ktCO2e per £m of EBITDA) ENERGY EXPOSURE MANAGED, STRUCTURALLY LOWER INTENSITY THAN PEERS 25.5 15.6 Building material peers (median)1 SigmaRoc -39% 1. Global building material peer group: Vicat, Cementir, Buzzi, Titan, Holcim, Heidelberg Materials, CRH, Wienerberger 15 MARGINS ROSE THROUGH TWO ENERGY SHOCKS +200bps H1 25 → H1 26 Middle East +10bps H1 22 → H1 23 Ukraine ü Hedging and contractual pass-through ü Fuel-flexible kilns across the network ü Kiln efficiency and biomass conversion ü Natural recarbonation, with CCUS optionality 16.9 11.6 Building material peers (median)1 SigmaRoc -31% LESS CARBON AND ENERGY INTENSIVE THAN PEERS
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS 1. Lime & Limestone businesses only for 2020 and earlier years 2. SigmaRoc Group margin 22 23 22 20 19 21 22 22 23 22 22 23 23 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 EBITDA MARGIN (%) 18.1 19.0 20.0 22.5 25.3 2021 2022 2023 2024 2025 LIME ONLY - AVERAGE 22%1 NORDKALK CRH +720 bps INDEPENDENTLY MANAGED LIME BUSINESSES PRE ACQUISITION BY SRC1 SRC GROUP2 → Margins - Diversified markets drive stability and operational excellence drives increase 16 EBITDA MARGIN (%) LIME POSITIVE FOR LONG TERM MARGINS
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS 131.2 FCF post Growth CapEx Growth CapExUnderlying FCF Net Financial Costs Maintenance CapEx Cash Taxes (13.5) (14.2) (20.1) (11.6) 67.0 (7.0) 60.0(4.8) Net Working Cap Leases and Other Underlying EBITDA § Ownership of majority of input material § Net working capital runs between 6-12% of revenues § DSO steady, with limited seasonality § Cash taxes in line with expectations § Reduced financial costs following refinancing § Growth CapEx includes aggregates plant in Belgium and reserve extensions 4.4% COST OF DEBT 51% FCF CONVERSION PRE GROWTH CAPEX 46% FCF CONVERSION POST GROWTH CAPEX 51% FCF CONVERSION PRE GROWTH CAPEX… 17 H1 26 FREE CASH FLOW (£m)
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS … WITH DE -GEARING CONTINUING AS EXPECTED 18 H1 26 DEBT BRIDGE (£m) 1.8x FY 25 1.66x 1H 26 LEVERAGE TARGET 1.5x – 2.0x 7.7 8.8 10.0 17.2 6.5 Refi ImpactEBT Share Purchase Closing net debtNon-Underlying Cash Costs IFRS16 LeasesUnderlying FCFOpening Net Debt 472.4 (60.0) 462.6 FX and Other
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS 03 19 STRATEGIC DELIVERY
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS DELIVERING AGAINST OUR CMD TARGETS 20 OBJECTIVES DELIVERY TO DATE OPERATIONAL EXCELLENCE Finish the synergy programme, then keep improving Programme complete. Margins up 200bps, with more to come ORGANIC INVESTMENT Put capital behind our best assets 64mt permitted at Klinthagen2. Belgian plant on time and budget M&A Bolt-ons using own resources Dolomitas: €18m EBITDA at 6.0x, majority cash funded1 BALANCE SHEET Leverage between 1.5x and 2.0x 1.66x3, with an €825m investment grade facility in place SUSTAINABILITY AND SAFETY Reduce emissions and improve safety every year MSCI AAA rating. Safety improved on every measure 1. Agreed acquisition post period end; 2. Request to Supreme court to appeal the judgement has been made but Supreme Court has confirmed permit to operate to continue; 3. H1 2026 figure, pre Dolomitas.
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GROUP PERFORMANCEFINANCESTRATEGIC DELIVERYOUTLOOKAPPENDIX SIGMAROC 2026 INTERIM RESULTS 2026Proforma LTM202620242023202220212020201920182017 TRACK RECORD OF GROWTH AIDED BY DISCIPLINED M&A APPROACH 21 POUNDFIELD6.8XALLEN C.6.3XRONEZ9.0X CDH6.8XCUVELIER4.4XCQG7.8XCCP5.9X LA BELONGA6.9XRIGHTCAST4.5XJOHNSTON7.6X BETON3.4XBALTIC3.7XBJORKA3.2XRETAINING6.4XJUAN DOLO.6.4X CRH DEALS5.7XSYNERGIES / GROWTH EBITDA ACQUIRED AND MULTIPLE PAID AVG. DIVESTMENTS7.0X DOLOMITAS6.0X NORDKALK6.9XLIMBURG4.5X 2026BACK TO M&A, FUNDED INTERNALLY2025IMPROVE & INTEGRATE 2025 2024BUILDING A LEADER corporate
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS AGREED ACQUISITION: AN ESTABLISHED DOLOMITIC LIMESTONE PRODUCER IN THE BALTICS 22 c. 3.5 Mt AVERAGE PRODUCTION €70m 2025 REVENUE €18m 2025 EBITDA c. 45 years RESERVES AND RESOURCES 6.0x EBITDA MULTIPLE Q4 2026 EXPECTED COMPLETION SIX DECADES OF PRODUCTION Founded 1964 · 40+ dolomitic limestone product grades SITES ACROSS LITHUANIA Petrašiūnai, Vilnius, Kaunas and Klaipėda · exports to Latvia THE RAW MATERIAL FOR DOLIME Dolomitic limestone: goes into construction, industrial and environmental segments THE TEAM STAYS Management continues · vendors take €20m in SRC shares @129p per share1 Baltic Sea SigmaRoc footprint Dolomitas sites 1. Based on 4-week VWAP of 129p to 3 September 2026. 1 year lock up on shares
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS DOLIME VS LIME: THE MAGNESIUM DIFFERENCE 23 LIME Limestone (CaCO₃) → quicklime (CaO) The workhorse flux: steel, water, soil DOLIME Dolomitic limestone (CaMg(CO₃)₂) → dolime (CaO·MgO ) Specified where the process needs magnesium vs DOLIME… PROTECTS THE FURNACE REQUIRED TO PRODUCE ‘GREEN’ STEEL 1 FEEDS THE SOIL SCARCER BY NATURE 1. Green steel is steel produced with significantly lower carbon dioxide emissions than conventional manufacturing → A premium product, from a rarer rock specified where magnesium is required - drives improved pricing
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS DOLIME: A GROWING MARKET THAT REWARDS PERMITTED RESERVES 24 STEEL LEADS DEMAND Metallurgy is the largest end-use; EAF expansion = growth driver REGULATION PULLS, PERMITS CONSTRAIN Land-use and permitting rules limit new capacity TRANSPORT DEFINES MARKETS Freight costs make markets regional GLOBAL DOLOMITE DEMAND1 (million tonnes) 199 239 2026E 2031F +4% p.a. → Demand growing, supply constrained, markets regional and we hold permitted reserves inside them 1. Source: Mordor Intelligence Calcined dolomite, dolime, was the largest segment at 46% of the market in 2025
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS DOLIME GEARING UP FOR EUROPE’S GREEN STEEL BUILD-OUT → EAF and DRI steelmaking runs on dolime — our reserves sit beside the plants 25 SRC’s dolomitic limestone quarries Dolomitas operations Operating EAFs Green steel projects (DRI / EAF) SRC footprint SRC’s dolime production sites DUE GREEN STEEL PROJECTS CAPACITY 2026 Gijón Spain 1.1 Mt 2027 Oxelösund Sweden 1.5 Mt Sestao Spain 2.0 Mt Linz Austria 1.6 Mt Donawitz Austria 0.9 Mt 2028 Salzgitter Germany 1.4 Mt Port Talbot UK 3.2 Mt 2029 Inkoo Finland 2.5 Mt Luleå Sweden 2.5 Mt Duisburg (HKM) Germany 2.5 Mt 2030 Boden Sweden 5.0 Mt Dillingen Germany 3.5 Mt Source for operating EAFs: Eurofer. Projects: Global Energy Monitor, Global Steel Plant Tracker; under construction or contracted only
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS 04 OUTLOOK 26
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GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC 2026 INTERIM RESULTS OUTLOOK OUR BUSINESS → Scarce, high-quality mineral reserves — decades deep, next to demand → A predictable, through-cycle commercial and financial profile → Positioned for Europe's re-industrialisation and infrastructure tailwinds H2 → Seasonally stronger H2 trending ahead of prior year → Watchful on Middle East impact on confidence. Ready for headwinds and tailwinds alike → Executing at pace on CMD priorities → Board’s view on the full year outlook for 2026 remains unchanged 1 H2 milestones § Dolomitas completion: expected Q4 § Belgian aggregates plant: ramp-up from Q3 271. Consensus expectations for SigmaRoc as at 4 September 2026 were revenue of £1,066m, underlying EBITDA of £276m, underlying basic EPS of 11.5p and leverage of 1.4x
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SIGMAROC 2026 INTERIM RESULTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX 28 Q&A