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Equity Bottom-Up

<p>SigmaRoc lifted underlying EBITDA 21% to £118m in H125, with margins widening 150bp to 23.1%. The CRH lime assets, acquired in late 2024, are already contributing, prompting management to raise FY25 synergy guidance to £21m (vs €15–20m previously). Integration progress, efficiency gains and portfolio optimisation remain the key themes as European markets stay mixed.</p>

SigmaRoc lifted underlying EBITDA 21% to £118m in H125, with margins widening 150bp to 23.1%. The CRH lime assets, acquired in late 2024, are already contributing, prompting management to raise FY25 synergy guidance to £21m (vs €15–20m previously). Integration progress, efficiency gains and portfolio optimisation remain the key themes as European markets stay mixed.

SigmaRoc — Strong interim performance in challenging markets

<p>At its capital markets day on 7 May, SigmaRoc set out its ambitions to build ’Europe’s leading choice mineral platform’ with a focus on lime and limestone. It stated its medium-term (2025–30) targets, including organic revenue growth of 3–5% pa, an EBITDA margin of more than 24% (23.2% achieved in FY23 on a pro forma basis), free cash flow (FCF) conversion of more than 50%, a leverage ratio of 1.5–2.0x and a return on invested capital of more than 15%. Sigmaroc’s growth prospects look strong, underpinned by growth in its diverse end markets, increasing demand due to macro trends of sustainability and increased demand for lime and minerals products. Sigmaroc also noted that it will have a heightened focus on predictably generating and growing its FCF.</p>

At its capital markets day on 7 May, SigmaRoc set out its ambitions to build ’Europe’s leading choice mineral platform’ with a focus on lime and limestone. It stated its medium-term (2025–30) targets, including organic revenue growth of 3–5% pa, an EBITDA margin of more than 24% (23.2% achieved in FY23 on a pro forma basis), free cash flow (FCF) conversion of more than 50%, a leverage ratio of 1.5–2.0x and a return on invested capital of more than 15%. Sigmaroc’s growth prospects look strong, underpinned by growth in its diverse end markets, increasing demand due to macro trends of sustainability and increased demand for lime and minerals products. Sigmaroc also noted that it will have a heightened focus on predictably generating and growing its FCF.

United Kingdom

SigmaRoc plc is an AIM listed buy-and-build construction materials company. The company invests in new and existing construction material assets. SigmaRoc business is centred in the UK, Europe and peripheral regions.

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SigmaRoc (SRC LN)

SigmaRoc — Strong interim performance in challenging markets

SigmaRoc lifted underlying EBITDA 21% to £118m in H125, with margins widening 150bp to 23.1%. The CRH lime assets, acquired in late 2024, are...

Edison Investment Research

SigmaRoc — Lime time

At its capital markets day on 7 May, SigmaRoc set out its ambitions to build ’Europe’s leading choice mineral platform’ with a focus on lime and...

Edison Investment Research

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