Interim report
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RNS Number : 6421TSigmaRoc PLC07 September 2026 (EPIC: SRC / Market: AIM / Sector: Construction Materials) 7 September 2026 SIGMAROC PLC ('SigmaRoc', the 'Group' or the 'Company') Interim results 2026Analyst Briefing & Investor Presentation Strong first half performance underpins confidence in full year expectations1 SigmaRoc, the European lime and minerals group, announces unaudited results for the six months ended 30 June 2026 ('H1 2026' or the 'Period'). Statutory results Underlying results2 30 June2026 30 June2025 YoYchange 30 June2026 30 June2025 YoYchange Revenue £523.1m £510.3m +2.5% £523.1m £510.3m +2.5% EBITDA £122.0m £108.8m +12.1% £131.2m £117.8m +11.3% EBITDA margin 23.3% 21.3% +200bps 25.1% 23.1% +200bps EBIT £68.8m £59.8m +15.1% £89.5m £86.1m +3.9% Profit before tax £44.9m £39.5m +13.7% £75.1m £67.4m +11.4% EPS 2.97p 2.24p +32.6% 5.23p 4.66p +12.2% Net debt3 £462.6m £498.4m -7.2% Covenant Leverage 1.66x 2.04x -18.7% LTM ROIC4 11.8% 11.3% +50bps FCF5 £67.0m £61.9m +8.2% FCF Conversion6 51.1% 52.5% -140bps HIGHLIGHTS · Volume improvement in Q2, with like-for-like "core7" volumes up 1% for H1 2026 and pricing strong; · Underlying EBITDA margin 25.1%, up 200bps, with good EBIT growth driven by commercial andoperational excellence plus focus on margins and cost control;§ Underlying EPS 5.23p, up 12.2%, reflecting operational improvements and refinancing impact; § LTM ROIC4 11.8%, up 50bps, consistent with the Group's progression towards best-in-class returns for a European minerals platform;· Balance sheet strengthened further with covenant leverage reducing to 1.66x through strong cashconversion; · Acquisition funding increased with €825m investment grade facility and €300m accordion;· Permitting secured for additional 64m tonnes of high-grade limestone at the Group's Klinthagen (Sweden) operations, following lengthy planning process8;· AAA MSCI ESG rating awarded, the highest rating achievable. CURRENT TRADING AND OUTLOOK · Seasonally stronger H2 trending ahead of prior year;· Our key markets are experiencing attractive dynamics, although we remain watchful on the Middle Eastand its impact on confidence, and have the flexibility to navigate both headwinds and tailwinds alike; · We continue to execute at pace on the priorities laid out at our 2025 Capital Markets Day, a combination offinancial, safety and growth targets, as demonstrated by an acquisition separately reported this morning;
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· The Board's view on the full year 2026 outlook remains unchanged.1 Max Vermorken, CEO, commented: "SigmaRoc delivered a strong first half, with improved profitability and continued deleveraging. Core volumes were modestly up year on year, a welcome outcome given the levels of uncertainty following the conflict in the MiddleEast. Pricing was strong with mix also contributing to the excellent outcome. These results demonstrate theresilience of our business model, the Group's geographical and end market diversity and the performance of our team. SigmaRoc is a diversified business with exposure to both structural and cyclical growth drivers. Structural demand is supported by several themes including energy transition projects, European re-industrialisation, increasedEuropean defence spending and increasing AI and data-centre investment. These will be further enhanced by acyclical recovery in construction, in particular residential construction, given a Europe wide requirement for additional dwellings. Whilst we recognise the continued tensions in the Middle East, as demonstrated in the first half, the Group is well placed to manage these impacts through our flexible cost base, existing financial hedges and contract structures. With signs of improvement in some end markets and the continued focus on operational excellence, the Board remains confident in delivering full year results in line with consensus expectations." The full text of the interim statement is set out below, together with detailed financial results, and will be available on the Company's website at www.sigmaroc.com Notes: 1. Consensus expectations for SigmaRoc, being the average of forecasts for the year ending 31 December 2026 provided by Analysts covering the Company, are revenue of £1,066m, underlying EBITDA of £276m, underlying basic EPS of 11.5p and leverage of 1.4x; 2. Underlying results are stated before acquisition related expenses, certain finance costs, redundancy and reorganisation costs, impairments, amortisation of acquisition intangibles and share option expense. References to an Underlying profit measure throughout this interim statement are defined on this basis. Non-underlying items are described further in the Executive Statement. These measures are not defined by UK IAS and therefore may not be directly comparable to similar measures adopted by other companies. 3. Net debt including IFRS 16 lease liabilities; 4. ROIC - Represents LTM EBITA less applicable taxes / Average invested capital (Equity + Net Debt); 5. Underlying Free Cash Flow takes net cash flows from operating activities and adjusts for CapEx, net interest paid and working capital payments relating to pre-acquisition accruals or purchase price adjustments; 6. Free Cash Flow Conversion is FCF relative to underlying EBITDA; 7. "Core" volumes exclude lower margin contracts discontinued in 2025 that were still running in the comparative period; 8. Two environmental groups have requested leave to appeal this judgement to the Swedish Supreme Court; this decision is pending but the Swedish Supreme Court has confirmed the permit to operate the quarry is not suspended. ANALYST BRIEFING SigmaRoc will host an online briefing for analysts on Monday, 7 September 2026 at 08:30 BST. For more details and to register to attend please email ir@sigmaroc.com. INVESTOR PRESENTATION SigmaRoc's Executive team will provide a live presentation to private investors reviewing the 2026 interim results and prospects via Investor Meet Company on Monday, 7 September at 13.30 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted before the event via your Investor Meet Company dashboard up until 9.00am the day before the meeting or at any time during the
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live presentation. Investors can sign up to Investor Meet Company for free and add to meet SigmaRoc via: https://www.investormeetcompany.com/sigmaroc-plc/register-investor Investors who already follow SigmaRoc on the Investor Meet Company platform will automatically be invited. Information on the Company is available on its website, www.sigmaroc.com. For further information, please contact: SigmaRoc plcMax Vermorken (Chief Executive Officer)Jan van Beek (Chief Financial Officer)Tom Jenkins (Head of Investor Relations) Tel: +44 (0) 207 002 1080 ir@sigmaroc.com Panmure Liberum (Nomad and Co-Broker)Scott Mathieson / John More / Dru Danford Deutsche Numis (Co-Broker)Richard Thomas / Hannah Boros Tel: +44 (0) 203 100 2000 Tel: +44 (0) 20 7260 1000 About SigmaRoc SigmaRoc is a quoted European lime and minerals Group. Lime and limestone are key resources in the transition to a more sustainable economy. New applications for lime and limestone products as part of a drive for sustainability include the production and recycling of lithium batteries, the decarbonisation of construction including through substitution of cementitious material and new building materials, and environmental applications including lake liming, air pollution and direct air capture. SigmaRoc invests in and acquires businesses in the lime and minerals sector. The principal activity of the Group is the production of lime and minerals products. The Group's aim is to create value for shareholders through the successful execution of its strategy in the lime and minerals sector. SigmaRoc seeks to create value by purchasing assets in fragmented markets and extracting efficiencies through active management and by forming the assets into larger groups. It seeks to de- risk its investments through the selection of projects with strong asset backing. The Group seeks to implement operational efficiencies that improve safety, enhance productivity, increase profitability and ultimately create value for Shareholders. SIGMAROC PLC Interim results (unaudited) for the six months ended 30 June 2026 EXECUTIVE STATEMENT The first half of 2026 has been another strong period for SigmaRoc. For the first time in several years core volumes were positive. Together with the continued focus on operational delivery, this has led to improved results across all metrics. As a result, SigmaRoc has delivered another period of increased operating margins, contributing to a further increase in EPS, along with strong cashflow in the Period. Underlying EBITDA reached £131m, up over 11% compared with last year. The EBITDA margin rose by 200 bps to 25.1%, reflecting pricing, strict cost control and good operational delivery. Underlying EPS was up over 12% to 5.23p. We thank all our staff for helping to position the Group well to meet market expectations for the full year. These results have been achieved despite continued challenging conditions created by the uncertainty in theMiddle East. It demonstrates the strength of our diversified business, both by end market and by geography.
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Market trends remain mixed in most geographies, albeit we are seeing signs of improvement in pockets, such assteel and infrastructure construction activity in Germany. In addition, there is an uptick in residential permittingactivity in Germany, Poland and the Nordics, which should lead to a more positive outlook for residentialconstruction. The environmental sector remains a core area of growth, driven by increasing regulation andawareness of environmental responsibilities. The European steel market has shown a marked improvement postthe introduction of tariffs and quotas. The synergy programme was highly successful, having now delivered €45m in EBITDA improvements to date. The Group continues to focus on operational excellence which has contributed to the 200 basis points improvement in margin. We have continued the development of the Group with the permitting of an additional 64m tonnes of high-grade limestone in our Klinthagen operation in Sweden8. Along with work to finalise the construction of the Belgian aggregates plant, which is expected to be commissioned in H2, on time and on budget. With a strong balance sheet from continued de-gearing, and an enhanced, investment grade financing facility, we are in a position to pursue value-enhancing M&A, as demonstrated by the separate announcement this morning. We expect further organic and inorganic development of the Group to progress at pace. Beyond financial results, we have continued to improve in ESG and safety. We were awarded a AAA ESG rating, the highest MSCI rating achievable, showing strong external recognition of the focus on ESG matters and the quality and transparency of our ESG reporting. In addition, progress has been made on our kiln decarbonisation programme, with work continuing on energy efficiency, kiln optimisation, carbon capture readiness, biodiversity and lower carbon products. Safety performance improved across all key indicators. Skreenhouse, our ventures team, made two new investments and one follow-on investment as part of our ambition of leading the industry in ultra‐low carbon building materials and sustainable innovation. The Group has made solid progress in the Period, a testament to the resilience of our markets and all our employees. OPERATING AND STRATEGIC HIGHLIGHTS Operational performance The Group demonstrated the resilience of its business model and sector with a solid performance across its platforms. "Core7" volumes were up 1%, the first increase in three years, with Q2 improving from a weather impacted first quarter. The impact of the Middle East conflict remained limited or mitigated through commercial andcost initiatives. Overall volumes were down 3% as these still include discontinued elements of lower marginbusiness, as reported previously. Profitability and margins rose significantly across the half year. The Group's stated ambition to drive margins keepsit focussed on tight cost control. This is further underpinned by a highly flexible cost base and the ability to mitigate the effects of impacts such as those from volatile energy markets. Pricing was strong, and price and mix haveevolved as expected with an improvement in certain segments. The benefits of the CRH Lime and Limestone deal are now fully visible with the continued delivery of synergiesand the benefits of the Group wide integration efforts. Further benefits of the combination will continue tomaterialise, especially as and when market conditions improve. Overall revenues were up 2.5%, with certain industrial segments particularly strong. § Industry (36% of H1 2026 Group revenues: H1 2025 32%): Strong performance for the segment as theimpact of EU policies on re-industrialisation are starting to take hold. Steel, pulp & paper and chemicals allup, other metals and mining flat whilst other industrial areas performed as expected; Outlook: EU re-industrialisation policies are expected to continue to be helpful to the sector, particularly inthe steel market. Potential rationalisation of plants in the paper market could affect volumes produced in the region, albeit there has not been evidence of this occurring so far this year. § Environment (22% of H1 2026 Group revenues: H1 2025 23%): This sector continues to experience structural growth. Flue gas treatment and water both improved, with agriculture modestly up; Outlook: This sector is expected to continue growing in line with recent years, driven by stricter global emissions and clean-water regulations. Increasing demands for waste to energy electricity generation,
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which requires higher lime inputs to clean flue gas emissions, should also drive consistent growth in thesector. § Construction (42% of H1 2026 Group revenues: H1 2025 45%): Construction, particularly infrastructure,has generally recovered since Q1, driven in Germany by strong aggregates into rail, road and energy infrastructure projects, despite weak soil stabilisation activity. Residential activity is showing increasedpermit approvals in Germany, Poland and the Nordics, which should translate into additional demand indue course. UK residential remains weak though infrastructure activity is robust; Outlook: The infrastructure environment remains robust in most regions, with the potential forimprovement in Germany as and when the stimulus programme progresses, while road building in Poland has somewhat slowed. There are tentative signs of improvement in certain residential markets, in the formof increased permitting activity, and this could result in an improving residential market over time. Certain previously flagged Group wide activities, such as AI infrastructure, will support growth in construction andindustrial demand. Requirements for power, energy storage infrastructure, battery production and related metals will be beneficial for the Group in the midterm. Structural trends underpinning the growth in core volumes aretherefore becoming increasingly evident. Strategic delivery The business has delivered another period of growth across all key metrics. These results are testament to ourfocus on operational excellence including dealing with volatile energy markets, our mid-term financial goals, andthe resilient nature of the lime and minerals market. Group development continues with the addition of 64m tonnes of high-grade limestone permitted at our SwedishKlinthagen operation, following a lengthy planning process subject to suitable butterfly preservation measures. This should provide extended reserves of a mission critical mineral driving Scandinavia's industrial economy. The new Belgian aggregates plant will be commissioned on schedule and on budget in H2, with further organic and inorganic development of the Group progressing at pace. The refinancing, through an €825m investment grade facility and €300m accordion, substantially increasesacquisition capacity and positions SigmaRoc to pursue its strategy of executing value-accretive consolidation opportunities across the European lime and minerals markets. The Group was also awarded MSCI's highest ESG rating, AAA. This represents strong external recognition of the focus on ESG matters and the quality and transparency of our ESG reporting. Regional breakdown SigmaRoc remains well diversified, with over 75% of H1 revenue generated across Central Europe, the Nordicsand Western Europe. The below segmental analysis translates into the following regional performance for H1 2026, with furthercommentary provided by region: Like for like underlying results: Underlying £'M Revenue EBITDA EBITDA margin H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 UK & Ireland 130.8 132.0 35.4 28.6 27.1% 21.6% Western Europe 33.8 31.5 8.8 8.4 26.0% 26.8% Central Europe 228.6 225.0 65.6 59.1 28.7% 26.2% Nordics 129.9 121.8 28.5 25.5 21.9% 20.9% Corporate - - (7.1) (3.8) - - Group 523.1 510.3 131.2 117.8 25.1% 23.1% UK & Ireland: Revenue was marginally below prior year driven by challenging market conditions across theregion. However, despite this EBITDA improved vs. prior year driven by full year impact of synergy programme,productivity improvements and commercial excellence with a focus on market share in higher yield products/sectors. In addition, the internalisation of haulage means these costs now appear below EBITDA in theP&L and thus positively benefit UK & Ireland EBITDA, which would have been ~7% up without this change. Demand for lime in UK & Ireland has continued to be strong, supported by major infrastructure projects, andintegration of group export volume resulting in improved EBITDA from lime assets.
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Whilst the UK construction and residential sectors continue to be subdued, we have seen a like for like increase inEBITDA through improved commercial excellence and continued investment resulting in productivity improvements. Platforms are well placed to capitalise when growth returns driven by capacity optimisation across various products. Western Europe: The West region, fully focused on construction markets, delivered increased Revenue and EBITDA vs. H1 25. The aggregates division saw significant year on year uplift driven by a focus on repeat clients and commercial excellence, however, this was offset by a marginal decline in volumes in the dimensional stone division. Whilstabsolute EBITDA is up, margins were marginally down due to a change in mix towards aggregates. Significant investment continues to be made in the region to drive longer term growth, notably a new crushingplant operation at Soignies for Granulats Du Hainaut business, which will increase capacity as well as deliveringsignificant improvement in efficiency. This is expected to be commissioned in H2. The Western platform is in a strong position to capitalise on various growth sectors, notably data centre projectsdriven by AI/cloud capacity demand. Central Europe: The Central region within the Group comprises Germany, Poland, Czech Republic and the Baltics. The region delivered a substantial improvement in margins and similar revenue, driving a strong improvement in EBITDA. Despite lower volumes in H1, Fels delivered slightly higher revenue, reflecting strong pricing discipline and a resilient product mix. EBITDA was significantly above last year, demonstrating the impact of the continued cost focus, operational improvements and disciplined commercial management. The strong earnings performance provides a solid foundation for the second half of the year. The first signs of the German stimulus are visible in the numbers, with improvement in construction aggregates being balanced out by lower soil stabilisation. Steel has performed well in the Period, due to the recent EU tariffs and quotas, and there are signs of a recovery in residential building permits in Germany, which should translate to improvements in residential construction over time. In Poland the lime business delivered a solid performance, supported by effective operational management. Within the aggregates business, weaker results in the construction and metals & mining segments were partially offset by the exceptionally strong performance of the chemical segment, including outstanding results in sugar stone sales. The outlook for the second half of the year remains positive, with expectations of continued strong performance in lime. Nordics: Nordkalk had a strong first half with improvements across all key metrics. Sales volumes increased by 11% vs last year. There was positive demand development in all our customer segments except for Metals & Mining where volumes were slightly lower. Any cost inflation from the Middle East situation was able to be managed through efficient cost control measures and customer pass throughs. OUTLOOK SigmaRoc is a diversified business with exposure to both structural and cyclical growth drivers. Structural demand is supported by several themes including energy transition projects, European re-industrialisation,increased European defence spending and increasing AI and data-centre investment. These will be furtherenhanced by a cyclical recovery in construction, in particular residential construction, given a Europe wide requirement for additional dwellings. The Group recognises the continued tensions in the Middle East and remains focussed on cost control, the mitigation of energy costs and the impact the conflict may have on end demand. As demonstrated in the first half,the Group is well placed to manage these impacts through our flexible cost base, existing financial hedges andcontract structures. With signs of improvement in some end markets and the continued focus on operational excellence, the Board remains confident in delivering full year results in line with consensus expectations.1
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Safety The Group continues to improve year on year across key safety indicators, with stronger hazard and near-hit reporting and a continued focus on reducing injuries and harm. This progress reflects strong leadership focus, employee engagement and a risk-based audit programme, with sites audited more frequently where greater support and improvement are needed. Environmental, Social and Governance (ESG) In March, the Group published its latest ESG report as part of the annual report, showcasing significant progress across all aspects of ESG. Since publishing our 2025 ESG Report, the Group has continued to progress its ESGpriorities, with an increased focus on community engagement across its operations and strengtheningrelationships with local stakeholders. During the period, SigmaRoc was awarded MSCI's highest ESG rating of AAA, strong external recognition of ourfocus on ESG and the quality of our reporting. The Group is advancing the next phase of our kiln decarbonisation programme, building on the successfulconversion of a kiln to biomass in the Central region, with similar fuel-switching now planned for additional operations on the pathway to carbon-neutral kilns. We have also extended renewable electricity procurement toPoland, increasing the share of consumption from renewable or fossil-free sources. Work continues on energy efficiency, kiln optimisation, carbon capture readiness, biodiversity, water stewardship,employee safety and lower-carbon products. Innovation and research During the Period, SkreenHouse Ventures, SigmaRoc's innovation and investment arm, continued to deploycapital into technologies that can be validated inside our industrial network and that create operational, commercialor land-use value across the Group. These included a follow-on investment into Koncete (a digital marketplace that connects contractors with suppliers), €1m into Litherm (which is looking to industrialise a fully electricfluidised-bed process for lime and cement calcination), and €850 thousand into GreenWeaver (which deploysmodular, liquid-cooled GPU capacity on underused land, recovering up to 90% of the server heat). These investments reinforce SkreenHouse's role as an extension of SigmaRoc's operating platform: sourcetechnologies against live industrial priorities, validate them on Group assets, and scale those with strategic relevance to our sector. Finance review For the six months ending 30 June 2026, the Group generated revenue of £523.1m (H1 2025: £510.3m) and underlying EBITDA of £131.2m (H1 2025: £117.8m). Underlying profit before taxation for the Group was £75.1m (H1 2025: £67.4m). Non-underlying items The Group recorded £25.1m (H1 2025: £26.5m) of non-underlying items during the Period, of which £6.0m were cash outflows. These items related to five categories: 1. £0.8m in exclusivity, introducer, advisor, consulting, legal fees, accounting fees, insurance and other direct costs relating to acquisitions. 2. £9.5m on accelerated amortisation of finance costs and legal fees from the syndicated 5-year debt facilities established in November 2023 and refinanced in March 2026. 3. £4.9m in share-based payments relating to grants of options and cost of exercises.
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4. £6.4m amortisation of acquired assets and adjustments to acquired assets net of deferred tax impact. 5. £3.5m legal and restructuring expenses relating to the reorganisation of subsidiaries, transitional salary costs, redundancies and severance costs. Interest and tax Net finance costs in the Period totalled £23.9m (H1 2025: £20.7m) including associated interest on bank finance facilities, as well as interest on finance leases (including IFRS 16 adjustments) and hire purchase agreements, of which £9.5m is related to non-underlying finance costs. A tax charge on statutory profits of £10.1m (H1 2025: £12.2m) was recognised in the Period on profits generated through the Group's UK, Channel Islands, Ireland, Belgium, Germany, Czech, Poland and Nordic based operations. Earnings per share Statutory basic EPS for the continuing operations for the Period was 2.97p (H1 2025: 2.24p) and underlying basic EPS for the continuing operations (adjusted for the non-underlying items mentioned above) for the Period totalled 5.23p (H1 2025: 4.66p). Statement of financial position Net assets at 30 June 2026 were £876.8m (2025: £779.4m). Net assets are underpinned by mineral resources, land and buildings and plant and machinery assets of the Group. Cash flow Cash generated by operations was £89.1m (2025: £85.2m). The Group spent £1.6m (2025: £3.3m) on acquisitions net of cash acquired, received £nil (2025: £5.1m) from proceeds of sale, spent £35.2m (2025: £24.6m) on capital projects, including acquisition of intangibles, net of disposals, and repaid £12.5m (2025: £30.5m) in borrowings. The net result was a cash inflow for the Period of £19.3m (2025: £39.6m). Net debt Net debt at 30 June 2026 was £462.6m (2025: £498.4m) including IFRS 16 lease liabilities. Bank facilities On 20 February 2025 the Company amended and restated its existing Bridge Loan with a new 5-year term facility up to €125 million through a US Private Placement process. On 27 March 2026 the Company entered into a new syndicated revolving credit facility agreement of up to €825 million (the "RCF") led by BNP Paribas, with the syndicate including a consortium of leading banks. The RCF comprises a €825 million revolving credit facility together with a further €300 million uncommitted accordion. The RCF has a maturity date of 26 March 2031 and is subject to a variable interest rate based on EURIBOR plus a margin depending on underlying EBITDA. The RCF is subject to covenants which are tested monthly and certified quarterly. These covenants are:
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· Group interest cover ratio set at a minimum of 3.5 times EBITDA; and · A maximum adjusted leverage ratio, which is the ratio of total net debt, including further borrowings such as deferred consideration, to adjusted EBITDA, of 3.75x. As at 30 June 2026, the Group comfortably complied with its bank facility covenants under the terms of the RCF and total undrawn facilities available to the Group under the RCF amounted to approximately £275m. Capital allocation We prioritise the maintenance of a strong balance sheet and deploy our capital responsibly, allowing us to commit significant organic investment to our business whilst continuing to pursue acquisitions to accelerate our strategic development. This conservative approach to financial management will enable us to continue pursuing capital growth for our shareholders. Dividends Subject to availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so. The Directors do not recommend the payment of an interim dividend at this time (30 June 2025: £nil). Corporate Our 2025 annual results were released on 16 March 2026 and on 30 April 2026 we held our AGM with all resolutions being passed. David Barrett Max Vermorken Jan van BeekExecutive Chairman Chief Executive Officer Chief Financial Officer 7 September 2026 SigmaRoc today The Group has established itself as a leader in European natural commodities. Through strategic acquisitions, SigmaRoc has strengthened its market position and operational capabilities. The Group has 2.7bn tonnes of essential limestone resource in strategically important positions within many of the key markets in Europe Diverse portfolio of products Strategic acquisitions have broadened SigmaRoc's offerings beyond traditional construction products. These include both specialised lime-related solutions and innovative offerings for a number of industrial applications that are key components in the manufacture of essential industrial products such as steel, pulp & paper, various chemicals and a number of environmental uses. This diversification allows the Group to cater to sectors outside of construction such as agriculture and the environment. This diversity of end markets, as a chemicals provider to key industrial processes, ensures resilience against market fluctuations given the broad focus on a variety of different end markets with different cycles. Historic stability of lime and limestone markets SigmaRoc sources its lime and limestone materials from historically stable markets, enhancing its operational advantages. By focusing on regions with relatively stable demand for lime and limestone products, SigmaRoc
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minimises volatility throughout its supply chain. The essential role of lime and limestone products in construction and industrial processes helps to support steady demand even in periods of softer market activity. The location of SigmaRoc's production facilities, strategically close to important industrial hubs, ensures it can respond promptly to customer orders in these markets while maintaining logistics efficiency. This foresight in targeting areas characterised by stable consumption patterns allows the Group to mitigate risks associated with economic downturns, providing a solid foundation for sustainable growth in the long term. Strong assets The Company owns c. 70 high-efficiency kilns, which are capable of producing high-quality hydrated lime and quicklime, ensuring consistent and reliable output. Coupled with strategically located quarries, the Group achieves control over the entire production process, from raw material extraction to the final product. This allows the Group to manage production costs and maintain product quality. 2.7 billion tonnes of mineral reserves At the core of the Group's sustainability and potential for long-term growth are its 2.7 billion tonnes of limestone and lime mineral reserves. Its access to high-quality deposits enables the Group to ensure a secure supply of materials, reducing the risk of disruptions and allowing for careful long-term planning. Additionally, holding substantial reserves in key geographical areas enhances SigmaRoc's negotiating power in the marketplace, supporting competitive pricing strategies and solidifying relationships with clients across various sectors that require lime and limestone products. Disciplined cost management Cost management is integral to the Group's strategy and underpins its profitable growth and success. SigmaRoc employs rigorous cost control measures aimed at improving operational efficiencies throughout its production process. By investing in technology and innovative practices, the Company optimises resource allocation. This focus not only enables the Group to maintain competitive pricing but also strengthens its long-term viability within the sector. Strategic partnerships for supply chain management further stabilise costs for raw materials like limestone, allowing SigmaRoc to absorb fluctuations in material pricing while capitalising on local macro drivers and mega trends. As SigmaRoc continues to navigate the challenges and opportunities in the natural commodity sector, we believe these competitive strengths will play a vital role in securing its position as a market leader, equipped to meet evolving demands and deliver sustainable long-term growth. CONDENSED CONSOLIDATED INCOME STATEMENT 6 months to 30 June 2026Unaudited 6 months to 30 June 2025Unaudited Underlying Non- underlying1 (Note 8) Total Underlying Non- underlying1 (Note 8) Total Continued operations Note £'000 £'000 £'000 £'000 £'000 £'000 Revenue 6 523,144 - 523,144 510,275 - 510,275 Cost of sales 7 (388,114) (8,760) (396,874) (379,725) (6,900) (386,625) Gross profit 135,030 (8,760) 126,270 130,550 (6,900) 123,650 Administrative expenses7 (48,360) (11,904) (60,265) (49,190) (14,439) (63,629) Profit from operations 86,670 (20,664) 66,005 81,360 (21,339) 60,021
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Net finance(expense)/income (14,424) (9,484) (23,908) (19,010) (1,708) (20,718) Other net (losses)/gains 2,805 - 2,805 5,080 (4,935) 145 Profit/(loss) before tax 75,051 (30,148) 44,903 67,430 (27,982) 39,448 Tax expense 9 (15,145) 5,025 (10,120) (13,636) 1,481 (12,155) Profit/(loss) fromcontinuing operations 59,906 (25,123) 34,783 53,794 (26,501) 27,293 Discontinued operations Profit/(loss) fromdiscontinued operations10 - - - (286) - (286) Profit/(loss) 59,906 (25,123) 34,783 53,508 (26,501) 27,007 Profit/(loss) attributableto: Owners of the parent -continuing 57,991 (25,123) 32,868 51,110 (26,501) 24,609 Owners of the parent -discontinued - - - (286) - (286) Non-controlling interest 1,915 - 1,915 2,684 - 2,684 59,906 (25,123) 34,783 53,508 (26,501) 27,007 Continuing basicearnings per shareattributable to owners ofthe parent (expressed inpence per share) 16 5.23 (2.26) 2.97 4.66 (2.42) 2.24 Continuing dilutedearnings per shareattributable to owners ofthe parent (expressed inpence per share) 16 4.74 (2.05) 2.69 4.31 (2.24) 2.07 1. Non-underlying items represent acquisition related expenses, restructuring costs, certain finance costs, share option expense and amortisation of acquired intangibles. See Note 80 for more information. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 6 months to30 June 2026Unaudited 6 months to30 June 2025Unaudited Note £'000 £'000 Profit for the period 34,783 27,007 Other comprehensive income: Items that will or may be reclassified to profit or loss: Currency translation (losses) / gains (9,543) 9,017 Cash settled hedges - effective portion of changes in fair value (743) 438 Remeasurement of the net defined benefits liability 5 (5) (10,280) 9,450 Total comprehensive income 24,503 36,457 Total comprehensive income attributable to: Owners of the parent - continuing 23,308 32,681 Owners of the parent - discontinued - (281) Non-controlling interest 13 1,195 4,057 Total comprehensive income for the period 24,503 36,457 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 2026Unaudited 30 June 2025Unaudited 31 December2025Audited Note £'000 £'000 £'000 Non-current assets
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Property, plant and equipment 10 1,275,422 1,263,477 1,304,285 Intangible assets 11 473,773 470,629 481,057 Available for sale assets 2,887 878 878 Investment in equity-accounted associate12 2,949 549 1,646 Investment in joint ventures 12 6,822 8,061 6,636 Derivative financial assets 85 10 71 Other receivables 1,736 2,337 1,772 Deferred tax asset 5,673 831 91 1,769,347 1,746,772 1,796,436 Current assets Trade and other receivables 189,825 176,570 158,558 Inventories 138,623 131,276 135,343 Cash and cash equivalents 183,738 172,773 166,674 Derivative financial assets 1,296 783 298 Current tax receivable - - 5,821 513,482 481,402 466,694 Total assets 2,282,829 2,228,174 2,263,130 Current liabilities Trade and other payables 334,679 321,685 315,692 Derivative financial liabilities 321 702 523 Provisions 7,995 14,695 8,241 Current tax payable 2,000 4,667 5,296 Borrowings 14 12,774 59,659 69,157 357,769 401,408 398,909 Non-current liabilities Borrowings 14 633,534 611,491 569,869 Employee benefit liabilities 1,367 1,573 1,439 Derivative financial liabilities - - 71 Deferred tax liabilities 188,463 197,949 191,664 Provisions 73,315 82,746 79,808 Other payables 151,584 153,572 164,479 1,048,262 1,047,331 1,007,330 Total Liabilities 1,406,031 1,448,739 1,406,239 Net assets 876,799 779,435 856,891 Equity attributable to owners of the parent Share capital 15 11,149 11,149 11,149 Share premium 15 191,458 191,458 191,458 Own shares held in EBT (15,886) (14,907) (9,885) Share option reserve 33,262 19,838 31,914 Other reserves 5,673 9,247 15,233 Retained earnings 620,317 531,429 585,702 Equity attributable to owners of the parent 845,973 748,214 825,571 Non-controlling interest 13 30,826 31,221 31,320 Total Equity 876,799 779,435 856,891 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Sharecapital Share premium Ownshares heldin EBT Shareoptionreserve Otherreserves Retainedearnings Total Non-controllinginterest Total Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance as at 1 January 2025 11,149 191,458 - 18,410 (30) 503,779 724,766 28,902 753,668 Profit for the period - - - - - 24,323 24,323 2,684 27,007 Currency translation differences - - - - 7,644 - 7,644 1,373 9,017 Other comprehensive income - - - - 433 - 433 - 433 Total comprehensive incomefor the period - - - - 8,077 24,323 32,400 4,057 36,457 Contributions by anddistributions to owners Recognition of own shares heldin EBT upon consolidation - - (6,363) - - - (6,363) - (6,363) Funds loaned to EBT forpurchase of shares 15 - - (10,000) - - - (10,000) - (10,000) Transfer of shares by the EBTto employees - - 1,456 - - - 1,456 - 1,456 Share option charge - - - 5,440 - - 5,440 - 5,440 Exercise of share options - - - (4,012) - 4,012 - - - Dividends - - - - - - - (1,738) (1,738) Movement in equity - - - - 1,200 (685) 515 - 515
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Total contributions by anddistributions to owners - - (14,907) 1,428 1,200 3,327 (8,952) (1,738) (10,690) Balance as at 30 June 2025 11,149 191,458 (14,907) 19,838 9,247 531,429 748,214 31,221 779,435 Balance as at 1 July 2025 11,149 191,458 (14,907) 19,838 9,247 531,429 748,214 31,221 779,435 Profit for the period - - - - - 55,540 55,540 2,499 58,039 Currency translation differences - - - - 5,223 - 5,223 1,102 6,325 Other comprehensive income - - - - 1,851 - 1,851 - 1,851 Total comprehensive incomefor the period - - - - 7,074 55,540 62,614 3,601 66,215 Contributions by anddistributions to owners Transfer of shares by the EBTto employees - - 5,022 - - - 5,022 - 5,022 Share option charge - - - 4,365 - - 4,365 - 4,365 Exercise of share options - - - (220) - 220 - - - Dividends - - - - - - - (3,502) (3,502) Other equity adjustments - - - 7,931 (1,088) (1,487) 5,356 - 5,356 Total contributions by anddistributions to owners - - 5,022 12,076 (1,088) (1,267) 14,743 (3,502) 11,241 Balance as at 31 December2025 11,149 191,458 (9,885) 31,914 15,233 585,702 825,571 31,320 856,891 Balance as at 1 January 2026 11,149 191,458 (9,885) 31,914 15,233 585,702 825,571 31,320 856,891 Profit for the period - - - - - 32,868 32,868 1,915 34,783 Currency translation differences - - - - (8,823) - (8,823) (720) (9,543) Other comprehensive income - - - - (737) - (737) - (737) Total comprehensive incomefor the period - - - - (9,560) 32,868 23,308 1,195 24,503 Contributions by anddistributions to owners Funds loaned to EBT forpurchase of shares - - (10,000) - - - (10,000) - (10,000) Transfer of shares by the EBTto employees - - 3,999 - - - 3,999 - 3,999 Share option charge - - - 3,095 - - 3,095 - 3,095 Exercise of share options - - - (1,747) - 1,747 - - - Dividends - - - - - - - (1,689) (1,689) Movement in equity - - - - - - - - - Total contributions by anddistributions to owners - - (6,001) 1,348 - 1,747 (2,906) (1,689) (4,595) Balance as at 30 June 2026 11,149 191,458 (15,886) 33,262 5,673 620,317 845,973 30,826 876,799 CONDENSED CASH FLOW STATEMENTS 6 months to 30June 2026Unaudited 6 months to 30June 2025Unaudited Note £'000 £'000 Cash flows from operating activities Profit from continuing operations 34,783 27,293 Profit from discontinuing operations - (286) Adjustments for: Depreciation and amortisation 50,449 38,457 Discontinued non-cash operations - 398 Share option expense 3,083 5,440 Gain on sale of property, plant and equipment (28) (2,069) Net finance costs 23,908 20,717 Other non-cash adjustments (5,006) 3,467 Income tax expense 15,145 13,636 Reallocation of deferred consideration to investing activities1 - 3,090 Share of earnings from associates 42 (272) (Increase)/decrease in trade and other receivables (36,654) 201 Increase in inventories (2,619) (1,012) (Decrease)/increase in trade and other payables 25,736 3,716 Decrease in provisions (5,541) (10,392) Income tax paid (14,155) (17,183) Net cash flows from operating activities 89,143 85,201 Investing activities Purchase of property, plant and equipment 10 (35,553) (24,553) Cash paid for acquisition of subsidiaries (net of cash acquired)1 (1,599) (3,314) Proceeds from sale of subsidiary - 5,065 Sale of property plant and equipment 442 733 Purchase of intangible assets 11 (136) (491) Purchase of available for sale assets (2,009) (629) Investments in joint ventures and associates (1,310) (1,814) Financial derivatives - -
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Interest received 5,191 2,642 Net cash used in investing activities (34,974) (22,361) Financing activities Proceeds from borrowings 16,284 37,149 Cost of borrowings (4,290) - Repayment of borrowings (12,460) (30,479) Contribution to EBT (10,000) (10,000) Finance costs (22,721) (18,133) Dividends paid to non-controlling interests (1,689) (1,738) Net cash generated from financing activities (34,876) (23,201) Net increase in cash and cash equivalents 19,293 39,639 Cash and cash equivalents at beginning of period 166,674 131,356 Exchange (losses)/gains on cash (2,229) 1,778 Cash and cash equivalents and end of period 183,738 172,773 1 Reallocation of earn out payment from operating activities to cash paid for acquisitions. NOTES TO THE FINANCIAL STATEMENTS 1. General Information The principal activity of SigmaRoc is to make investments, acquire and integrate businesses in the quarried materials sector. The principal activity of the Group is the production of lime and limestone, high-quality aggregates and supply of value-added industrial and construction materials. The Company's shares are admitted to trading on AIM and it is incorporated and domiciled in the United Kingdom. The address of its registered office is 6 Heddon Street, London, W1B 4BT. 2. Basis of preparation The interim financial statements have been prepared in accordance with IAS34 and AIM rule 18. The interim financial statements have been prepared applying the accounting policies and presentation that were applied in the annual financial statements for the year ended 31 December 2025. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025. The interim report does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2025, which has been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006, and any public announcements made by SigmaRoc plc during the interim reporting period. Statutory financial statements for the period ended 31 December 2025 were approved by the Board of Directors on 13 March 2026 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the estimation of income tax, refer to note 9, and the adoption of new and amended standards as set out below. Going concern The interims financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
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The Group meets its day-to-day working capital and other funding requirements through operating cash generation and its Revolving Credit Facility ("RCF"). The RCF is comprised of a €825 million revolving credit facility and a further €300 million uncommitted accordion which matures on 26 March 2031. There is also a €125 million bridge facility which matures on 20 February 2030. The Group comfortably met all covenants and other terms of its borrowing agreements in the period, and maintained its track record of profitability, with an overall profit before taxation for the period of £44.9m million. Consequently, the directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore have prepared the Interim Financial Statements on a going concern basis. Risks and uncertainties The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2025 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.sigmaroc.com. The key financial risks are liquidity risk, credit risk, interest rate risk and asset fair value estimation risks. Critical accounting estimates The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 4 of the Company's 2025 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period. Foreign Currencies a) Functional and Presentation Currency Items included in the Financial Statements are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The Financial Statements are presented in Pounds Sterling, rounded to the nearest pound, which is the Group's functional currency. b) Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where such items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs. All other foreign exchange gains and losses are presented in the Income Statement within 'Other net gains/(losses)'. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non- monetary financial assets measured at fair value, such as equities classified as available for sale, are included in other comprehensive income. c) Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
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· assets and liabilities for each period end date presented are translated at the period-end closing rate; · income and expenses for each Income Statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and · all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of monetary items receivable from foreign subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable future, are taken to other comprehensive income. When a foreign operation is sold, such exchange differences are recognised in the Income Statement as part of the gain or loss on sale. 3. Accounting policies Except as described below, the same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the company's annual financial statements for the year ended 31 December 2025, except for the impact of the adoption of the Standards and interpretations described in para 3.1 below: 3.1. Changes in accounting policy and disclosures (a) Accounting developments during 2026 The IASB issued various amendments and revisions to UK IAS and IFRIC interpretations which include Amendments to IFRS 9 and IFRS 7 (Classification and Measurement of Financial Instruments). The amendments and revisions were applicable for the period ended 30 June 2026 but did not result in any material changes to the financial statements of the Group or Company. (b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early adopted Standard Impact on initial application Effective date IFRS 18 Presentation of disclosures in Financial Statements 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 The Group is evaluating the impact of the new and amended standards above which are not expected to have a material impact on the Group's results or shareholders' funds. 4. Dividends No dividend has been declared or paid by the Company during the six months ended 30 June 2026 (2025: nil). 5. Segment Information Management has determined the operating segments based on reports reviewed by the Board of Directors that are used to make strategic decisions. During the periods presented the Group has four geographical regions, UK & Ireland which comprises of UK Lime, UK Stone, Irish Lime and UK Products; Western Europe which comprises of Belgian Stone and Development; Central Europe which comprises of German Lime, Czech Lime, Polish Lime, Polish Stone, the Baltics and Development and Nordics with comprises of Nordic Lime and Nordic Stone. Activities in the UK & Ireland, Western Europe, Central Europe and Nordics regions relate to the production of minerals and sale of materials, products and services.
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6 months to 30 June 2026 UK & IrelandWesternEuropeNordics CentralEuropeCorporate Total £'000 £'000 £'000 £'000 £'000 £'000 Revenue (continued operations)130,829 33,800129,907 228,608 - 523,144 Underlying Profit from operationsper reportable segment 18,362 3,971 20,273 41,621 5,248 89,475 Additions to non-current assets4,784 1,075(47,382) 7,234 26,928 (7,361) Reportable segment assets 501,847151,094534,3181,044,632 50,9382,282,829 Reportable segment liabilities99,430 69,289136,213 538,614 573,5701,417,116 6 months to 30 June 2025 UK & IrelandWesternEuropeNordics CentralEuropeCorporate Total £'000 £'000 £'000 £'000 £'000 £'000 Revenue (continued operations)132,025 31,470121,800 224,980 - 510,275 Underlying Profit from operationsper reportable segment 19,962 4,474 19,022 43,034 (5,132) 81,360 Additions to non-current assets(2,125) (9,016) (350) 35,921 (1,160) 23,270 Reportable segment assets 469,505148,755502,9791,044,253 62,6822,228,174 Reportable segment liabilities106,779 64,79689,481 568,837 618,8461,448,739 6. Revenue Consolidated 6 months to30 June 2026Unaudited 6 months to30 June 2025Unaudited £'000 £'000 High-grade minerals 361,686 354,574 Aggregates and stone 75,926 68,253 Value-add products 85,532 87,447 523,144 510,275 High-grade minerals revenue relates to the sale of minerals to be used for across all sectors such as limestone powder, quicklime, ground calcium carbonate and industrial limestone. These revenues are recognised at a point in time as the product is transferred to the customer, except for contracting and similar services where revenue is recognised over time. Aggregates and stone revenue relates to essential materials in the building industry, comprising sand, gravel, crushed stone and recycled concrete. These revenues are recognised in the same way as high-grade mineral revenues. Value added products is the sale of finished goods that have undertaken a manufacturing process within each of the subsidiaries. These revenues are recognised in the same way as high-grade mineral revenues. The Group contracting services revenue for the year ended 30 June 2026 was £14.8 million (2025: £15.3 million). 7. Expenses by nature 6 months to30 June 2026Unaudited 6 months to30 June 2025Unaudited £'000 £'000 Cost of sales Changes in inventories of finished goods and work in progress12,136 11,288 Raw materials & production 163,137 161,324 Distribution & selling expenses 45,813 45,554 Employees & contractors 92,408 91,872
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Maintenance expense 18,309 20,599 Plant hire expense 2,760 3,413 Depreciation & amortisation expense 50,449 38,457 Other costs of sale 11,862 14,118 Total cost of sales 396,874 386,625 Administrative expenses Operational administrative expenses 43,216 41,336 Corporate administrative expenses 17,049 22,293 Total administrative expenses 60,265 63,629 Depreciation and amortisation expense is a combination of property, plant and equipment depreciation and amortisation of intangible assets. Of these expenses, £11.7m (2025: £4.0m) is related to monthly cash payments on IFRS16 lease contracts. 8. Non-underlying items 6 months to30 June 2026Unaudited 6 months to30 June 2025Unaudited £'000 £'000 Acquisition related expenses 777 1,865 Prior acquisition earn out agreement - 3,090 Restructuring expenses 3,471 1,734 Share options & equity related expenses 3,695 5,452 Amortisation and remeasurement of acquired intangibles 6,350 5,420 Amortisation of finance costs 9,484 1,485 Unwinding of discount on deferred consideration - 222 Reversal of non-underlying gains previously recognised - 4,935 Other non-underlying 1,346 2,298 25,123 26,501 Under IFRS 3 - Business Combinations, acquisition costs have been expensed as incurred. Additionally, the Group incurred costs associated with obtaining debt financing, including advisory fees to restructure. Acquisition related expenses include exclusivity, introducer, advisor, consulting, legal fees, accounting fees, insurance and ongoing transaction services costs. Prior acquisition earn-out agreement expenses relate to earn out payments to the sellers of the Retaining UK business. Restructuring expenses relate to the reorganisation and integration of recently acquired subsidiaries, including costs associated with site optimisation, transitional salary costs, redundancies, severance & recruitment fees, and costs associated with financial reporting and system migrations. Share option expense is the fair value of the share options issued and or vested during the Period. Amortisation and remeasurement of acquired assets are non-cash items which distort the underlying performance of the businesses acquired. Amortisation of acquired assets arise from certain fair value uplifts resulting from the PPA. Remeasurement of acquired assets arises from ensuring assets from acquisitions are depreciated in line with Group policy. These are net of the deferred tax liability unwind on the asset fair value uplift. Amortisation of finance costs is the amortisation of borrowing costs on the Syndicated Senior Credit Facility. These costs are amortised over a 5-year period. Unwinding of discount on deferred consideration is a non-cash adjustment relating to deferred consideration arising on acquisitions.
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Other non-underlying costs include professional adviser fees and other miscellaneous non-recurring costs. 9. Taxation Income tax expense is recognised based on the weighted average effective annual income tax rate expected on underlying results for the full financial year. The estimated average annual tax rate used for the 6 month period ended 30 June 2026 is 20.2%, compared to 20.2% for the six month period ended 30 June 2025. 10. Property, plant and equipment Officeequipment Land andminerals Land andbuildings Plant andmachinery Vehicles Right ofuse assets Constructionin progress Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Cost As at 1 January 2025 4,936 849,845 262,440 683,216 36,662 67,459 43,066 1,947,624 Disposal of subsidiary - - (163) (938) (51) (442) - (1,594) Transfer between classes - 1,560 105 (4,072) (505) 328 2,585 - Additions 99 1,422 2,244 10,522 447 1,228 8,591 24,553 Reclassifications 2 (2,263) (900) (1,024) 51 471 - (3,663) Disposals - - (322) (3,767) (603) (256) - (4,948) Forex 109 26,440 7,124 25,346 587 2,849 575 63,030 As at 30 June 2025 5,146 877,004 270,528 709,283 36,588 71,637 54,817 2,025,003 Disposal of subsidiary - - (27) (196) (10) (73) - (306) Transfer betweenclasses/ reallocation fromintangibles (9) 6,810 (13,183) 9,259 34 550 (3,610) (149) Additions 197 3,768 6,310 29,749 2,499 18,339 9,996 70,858 Disposals - (2,955) (2,027) (8,184) (1,581) (2,564) - (17,311) Forex 58 14,242 5,201 13,741 678 764 1,237 35,921 As at 31 December 2025 5,392 898,869 266,802 753,652 38,208 88,653 62,440 2,114,016 Transfer between classes - 750 3,334 11,904 166 75 (16,558) (329) Additions 157 3,033 2,009 16,617 968 7,657 5,112 35,553 Reclassifications - - 1 (4) 1 10 - 8 Disposals (5) - - (1,292) (938) (162) - (2,397) Forex (112) (9,675) 7,866 (27,859) (549) (440) (1,249) (32,017) As at 30 June 2026 5,432 892,977 280,012 753,018 37,856 95,793 49,745 2,114,833 Depreciation As at 1 January 2025 4,478 153,311 113,337 386,391 22,540 28,622 - 708,679 Disposal of subsidiary - - (6) (118) (40) (49) - (213) Charge for the year 91 10,029 3,904 18,317 1,248 3,968 - 37,557 Disposals - - (298) (3,212) (450) (255) - (4,215) Reclassifications 2 (2,265) (333) (2,504) 18 448 - (4,634) Forex 108 6,420 3,256 11,792 322 2,454 - 24,352 As at 30 June 2025 4,679 167,495 119,860 410,666 23,638 35,188 - 761,526 Disposal of subsidiary - - (1) (20) (7) (8) - (36) Charge for the year 120 11,405 5,050 16,605 1,169 10,186 - 44,535 Disposals - (2,826) (329) (4,044) (1,339) (2,418) - (10,956) Transfer between classes (12) 396 (1,044) 742 239 (627) - (306) Forex 55 984 1,595 12,567 394 (628) - 14,967 As at 31 December 2025 4,842 177,454 125,132 436,516 24,094 41,693 - 809,731 Charge for the year (5) 11,735 7,539 16,193 1,592 11,658 - 48,712 Disposals - (269) - (871) (920) (163) - (2,223) Reclassifications - - - - - (70) - (70) Forex (109) (1,230) (5,104) (8,994) (410) (892) - (16,739) As at 30 June 2026 4,728 187,690 127,567 442,844 24,356 52,226 - 839,411 Net book value As at 30 June 2025 467 709,509 150,668 298,617 12,950 36,449 54,817 1,263,477 As at 31 December 2025 550 721,415 141,670 317,136 14,114 46,960 62,440 1,304,285 As at 30 June 2026 704 705,287 152,445 310,174 13,500 43,567 49,745 1,275,422 11. Intangible assets Consolidated
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GoodwillCustomerRelationsIntellectualproperty Research &DevelopmentBrandingOtherIntangiblesTotal £'000 £'000 £'000 £'000 £'000 Cost As at 1 January 2025 446,865 9,080 100 5,728 3,210 29,353 494,336 Additions - - - 10 - 481 491 Reallocations - (997) 189 977 - - 169 Disposal of subsidiary - - - - - (3,131) (3,131) Forex 10,049 - - (10) - 2,333 12,372 As at 30 June 2025 456,914 8,083 289 6,705 3,210 29,036 504,237 Additions - - - 14 - 796 810 Reallocations - 70 3 - - 957 1,030 Fair value adjustments - - - - - (2,900) (2,900) Disposal of subsidiary - - - - - (60) (60) Forex 11,029 - - 100 - 2,163 13,292 As at 31 December 2025467,943 8,153 292 6,819 3,210 29,992 516,409 Additions - - - (5) - 141 136 Reallocations - - - - - (583) (583) Forex (4,943) (47) - (65) 38 (1,164) (6,181) As at 30 June 2026 463,000 8,106 292 6,749 3,248 28,386 509,781 Depreciation As at 1 January 2025 - 4,008 2 5,502 852 20,472 30,836 Charge for the year - 394 5 39 80 382 900 Acquired through businesscombinations - - - - - (337) (337) Reallocations - 35 189 977 - - 1,201 Forex - - - (44) - 1,052 1,008 As at 30 June 2025 - 4,437 196 6,474 932 21,569 33,608 Charge for the year - 427 11 28 80 2,543 3,089 Acquired through businesscombinations - 17 3 - - (22) (2) Disposal of subsidiary - - - - - (6) (6) Fair value adjustments - - - - - (3,229) (3,229) Forex - - - 90 - 1,802 1,892 As at 31 December 2025 - 4,881 210 6,592 1,012 22,657 35,352 Charge for the year - 408 5 59 80 717 1,269 Forex - (14) - (62) 16 (553) (613) As at 30 June 2026 - 5,275 215 6,589 1,108 22,821 36,008 Net book value As at 30 June 2025 456,914 3,646 93 231 2,278 7,467 470,629 As at 31 December 2025467,943 3,272 82 227 2,198 7,335 481,057 As at 30 June 2026 463,000 2,831 77 160 2,140 5,565 473,773 The intangible asset classes are: - Goodwill is the excess of the consideration transferred and the acquisition date fair value of any previous equity interest in the acquire over the fair value of the net identifiable assets. - Customer relations is the value attributed to the key customer lists and relationships. - Intellectual property is the patents owned by the Group. - Research and development is the acquisition of new technical knowledge and trying to improve existing processes or products or; developing new processes or products. - Branding is the value attributed to the established company brand. - Other intangibles consist of capitalised development costs for assets produced that assist in the operations of the Group and incur revenue. Amortisation of intangible assets is included in cost of sales on the Income Statement. Development costs have been capitalised in accordance with the requirements of IAS 38 and are therefore not treated, for dividend purposes, as a realised loss. 12. Investment in Equity Accounted Associates & Joint Ventures Nordkalk has a joint venture agreement with Franzefoss Minerals AS, managing a lime kiln located in Norway which was entered into on 5 August 2004.
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The Group has one non-material local associate in Pargas, Pargas Hyreshus Ab. 30 June 2026Unaudited30 June 2025Unaudited £'000 £'000 Interests in associates 2,949 549 Interest in joint venture 6,822 8,061 9,771 8,610 Proportion ofownership interestheld Name Country of incorporation 30 June2026 Unaudited 30 June2025 Unaudited NorFraKalk AS Norway 50% 50% Summarised financial information NorFraKalk AS - Cost and net book value 30 June 2026Unaudited£'000 30 June 2025Unaudited£'000 Current assets 4,910 8,000 Non-current assets 10,729 8,297 Current liabilities 1,700 2,859 Non-current liabilities 3,557 3,969 10,382 9,469 6 months to30 June2026Unaudited£'000 6 months to30 June2025Unaudited£'000 Revenues 6,921 7,939 (Loss)/Profit after tax from continuing operations (390) 539 13. Non-controlling interests Proportion ofcontrolling interest Name Country of incorporation &Place of business 30 June2026 Unaudited 30 June2025 Unaudited Vápenka Vitosov s.r.o Czechia 75% 75% Suomen Karbonaatti Oy Finland 51% 51% Kalkproduktion Storugns AB Sweden 66.7% 66.7% NKD Holding Oy Finland 51% 51% Canteras La Belonga SA Spain 65% 65% Granulats du Hainaut SA Belgium 75% 75% Juuan Dolomiittikalkki Oy Finland - 70% During the period, the Group acquired the remaining 30% share of Juuan Dolomiittikalkki Oy to become a wholly owned subsidiary. 6 months to30 June 2026Unaudited£'000 6 months to30 June 2025Unaudited£'000 As at 1 January 31,320 28,902 Non-controlling interests share of profit in the period 1,915 2,684 Dividends paid (1,689) (1,738)
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Foreign exchange movement (720) 1,373 As at 30 June 30,826 31,221 30 June 2026 30 June 2025 VapenkaVitošov SuomenKarbonaatti Otherindividuallyimmaterialsubsidiaries VapenkaVitošov SuomenKarbonaatti Otherindividuallyimmaterialsubsidiaries £'000 £'000 £'000 £'000 £'000 £'000 Current assets 24,489 19,066 22,406 22,994 18,597 23,619 Non-current assets 76,525 2,016 43,436 74,447 2,395 34,241 Current liabilities 12,345 5,000 8,754 7,013 3,943 8,879 Non-current liabilities 12,155 7,771 26,536 12,501 7,716 18,540 Net Assets 76,514 8,312 30,552 77,927 9,333 30,441 Net Assets Attributable to NCI19,128 4,073 10,565 19,482 4,573 10,478 Revenue 21,528 19,625 17,878 21,310 20,108 14,918 Profit after taxation 1,179 2,330 1,595 3,950 2,769 807 Other comprehensive income52 - - - - - Total comprehensive income1,231 2,330 1,595 3,950 2,769 807 Net operating cash flow 3,089 787 (657) 3,980 632 6,248 Net investing cash flow(1,661) (4) (4,279) (687) (78) (5,101) Net financing cash flow (58) (1,814) 7,127 (19) (1,791) 1,867 Dividends paid to NCI - (1,689) - - (1,678) (60) 14. Borrowings 30 June 2026Unaudited 30 June 2025Unaudited £'000 £'000 Non-current liabilities Syndicated term facility 579,497 562,743 Bank Loans 11,353 8,818 Finance lease liabilities 8,080 8,178 IFRS16 Leases 34,604 31,752 633,534 611,491 Current liabilities Syndicated term facility - 51,382 Bank loans - 727 Finance lease liabilities 1,758 1,887 IFRS16 Leases 11,016 5,663 12,774 59,659 On 20 February 2025 the Company amended and restated its existing Bridge Loan with a new 5-year term facility up to €125 million through a US Private Placement process. On 27 March 2026 the Company entered into a new syndicated revolving credit facility agreement of up to €825 million (the "RCF") led by BNP Paribas, with the syndicate including a consortium of leading banks. The RCF comprises a €825 million revolving credit facility together with a further €300 million uncommitted accordion. The RCF is unsecured with the Group's subsidiaries defined as obligors within the Debt RCF. Interest is charged at a rate between 1.00% and 2.50% above EURIBOR ('Interest Margin'), based on the calculation of the adjusted leverage ratio for the relevant period. For the period ending 30 June 2026, the Interest Margin was 1.50%. The carrying amounts and fair value of the non-current borrowings are:
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Carrying amount and fairvalue 30 June2026Unaudited 30 June2025Unaudited £'000 £'000 Syndicated term facility 579,497 562,743 Bank loans 11,353 8,818 Finance lease liabilities 8,080 8,178 IFRS16 leases 34,604 31,752 633,534 611,491 15. Share capital and share premium Number of shares Ordinaryshares Sharepremium Total Issued and fully paid £ £ £ Issued and fully paid As at 1 January 2025 1,114,854,530 11,149 191,458 202,607 As at 30 June 2025 1,114,854,530 11,149 191,458 202,607 As at 31 December 2025 1,114,854,530 11,149 191,458 202,607 As at 30 June 2026 1,114,854,530 11,149 191,458 202,607 During the year, the Company's Employee Benefit Trust purchased 8,540,166 ordinary shares at a total cost of £10m, announced by the Company in March 2026. At 30 June 2026, the Employee Benefit Trust holds 6,596,261 (2025: 17,690,490) ordinary shares. 16. Earnings per share The calculation of the total basic earnings per share of 2.97 pence (2025: 2.24 pence) is calculated by dividing the profit attributable to shareholders of £32.9 million (2025: £24.6 million) by the weighted average number of ordinary shares of 1,108,258,269 (2025: 1,097,164,040) held in public hands during the period. The weighted average number of ordinary shares has reduced in the current year from the shares held by the Company's Employee Benefit Trust. At 30 June 2026, the Employee Benefit Trust holds 6,596,261 ordinary shares. Diluted earnings per share of 2.69 pence (2025: 2.07 pence) is calculated by dividing the profit attributable to shareholders of £32.9 million (2025: £24.6 million) by the weighted average number of ordinary shares in issue during the period plus the weighted average number of share options and warrants to subscribe for ordinary shares in the Company, which together total 1,223,022,922 (2025: 1,185,699,794). Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2025. 17. Fair value of financial assets and liabilities measured at amortised costs The following table shows the carrying amounts and fair values of the financial assets and liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Items where the carrying amount equates to the fair value are categorised to three levels: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date· Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly · Level 3 inputs are unobservable inputs for the asset or liability. Carrying amount Fair value FairvaluethroughOCI£'000 Financialasset atamortisedcost£'000 Otherfinancialliabilities£'000 Total£'000 Level1£'000 Level2£'000 Total£'000 Financial assets measured at fair valueForward exchange contracts 355 - - 355 - 355 355
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Electricity hedges 1,026 - - 1,0261,026 - 1,026Financial assets not measured at fairvalueTrade and other receivables (excl.Derivatives) - 191,560 - 191,560 - - - Cash and cash equivalents - 183,738 - 183,738 - - - Financial liabilities measured at fair valueForward exchange contracts 209 - - 209 - 209 209 Electricity hedges 112 - - 112 112 - 112 Financial liabilities not measured at fairvalueLoans - - 590,850590,850 - - -Finance lease liability - - 55,458 55,458 - - -Trade and other payables (excl. derivative)- - 486,262486,262 - - - 18. Events after the reporting date Following the reporting date, the Group acquired a Dolomitic Limestone producer in Lithuania and reference is made to the separate announcement of the acquisition. 19. Approval of interim financial statements The condensed interim financial statements were approved by the Board of Directors on 4 September 2026. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END