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EarningsQ2 2026 Earnings Report
GB:SRC Q2 2026 EPS Results
Actual EPS£0.05
Consensus EPS―
Beat/Miss―
One Year Ago EPS£0.04
GB:SRC Q2 2026 Revenue Results
Actual Revenue£523.14M
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+2.52%
Earnings Announcement Details
QuarterQ2 2026
Date09/07/2026
TimeBefore Open
Conference CallMonday, September 7, 2026
GB:SRC Upcoming Earnings
SigmaRoc's next earnings date is estimated for March 22, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported double-digit EBITDA and EPS growth, higher margins, lower leverage, healthy cash conversion, continued synergy delivery, asset expansion and an attractively valued, earnings-enhancing Lithuanian acquisition. The main cautions were weak European residential construction, a 3% overall volume decline in the EBITDA bridge, geopolitical and interest-rate uncertainty, cautious margin guidance, and ongoing management of energy hedges and working capital.Company Guidance
Strong First-Half Earnings Growth
SigmaRoc described the first half of 2026 as a fantastic first half, with EBITDA up 11.3%, EPS up 12.2%, EBITDA margins at 25.1% and margin evolution of 200 basis points.
Improved Leverage and Returns
Balance-sheet leverage strengthened to 1.66 times at the end of the first half, at the bottom end of the target range of 1.5x to 2x. LTM return on invested capital was nearly 12%, up half a percent from the previous period.
Recovery from Weather Headwinds
The year started with weather-related headwinds, but management said these were recovered very nicely in Q2.
Positive Regional Performance
Every region performed positively on most metrics, with attractive double-digit EBITDA growth figures and increases in margins. EBITDA increased in all regions, including the U.K. and Ireland.
Industrial and Environmental Revenue Growth
Industrial and environmental applications delivered revenue increases. Industrial performance was predominantly driven by the steel sector, while environmental revenue increased 7% year-on-year, supported by water treatment and flue gas treatment.
Steel-Sector Demand Benefited from European Measures
European Union quotas and tariffs supported the attractiveness of indigenous European steel production, translating into more volume and better sales for SigmaRoc's industrial business.
Return to Core Volume Growth
Core volumes increased 1% year-on-year, described as the first increase in many years. Management said volumes had decreased over recent years because of weakness in European industrial and construction markets.
Pricing and Commercial Execution
Although overall volumes were down 3% in the EBITDA bridge, pricing and other commercial actions were positive. Management said the team managed pricing very well in a difficult market.
Synergy Program Continued to Deliver
The synergy program delivered EUR 5 million of incremental EBITDA improvement in the first half of 2026. The company has delivered at least the EUR 40 million minimum target and is working toward EUR 60 million, with EUR 15 million more to go.
Margin Expansion Over Time
The combined group margin increased from approximately 18% after the lime and aggregates businesses were combined to 25.3% in the current year, representing a 720 basis point improvement.
Energy and Carbon Exposure Mitigated
Energy, fuel and carbon represented around 26%-27% of total cost of sales, but management said hedges, contractual pass-throughs, kiln-efficiency programs and biomass conversion helped protect margins. During the current Middle East crisis, margins increased by over 200 basis points.
Lower Relative Energy and Carbon Intensity
Management said SigmaRoc's energy intensity was about 40% lower than that of other peers in its building-materials group, while its carbon intensity was over 30% lower than peers.
Healthy Cash Generation
Free cash flow conversion including growth CapEx increased from 45% last year to 46% at the current mid-year period. Pre-growth CapEx free cash flow conversion was stated to be over 50%.
Controlled Capital Structure
Leverage declined from 1.8x at the beginning of the year to 1.66x at the end of the first half, while management said cash funding and performance were being carefully and controllably managed.
Belgian Aggregates Expansion
A new aggregates plant in Belgium was described as on time and on budget, with 2 million tons of production capacity. Growth CapEx included a large project for an aggregates crusher in Belgium.
Expansion of Gotland Mineral Reserves
SigmaRoc added 64 million tons of high-grade mineral to its Gotland operations in Sweden through quarry extensions at Klinthagen.
Dolomitas Acquisition in Lithuania
SigmaRoc announced the acquisition of Dolomitas, described as the largest quarry, limestone-based and dolime/dolomitic lime group in Lithuania. The business produces 3.5 million tons per year, has a 25.7% EBITDA margin, approximately EUR 70 million of 2025 turnover and, in a later description, EUR 80 million of EBITDA. The initial financial summary cited EUR 18 million of EBITDA.
Attractive Acquisition Valuation and Earnings Enhancement
The company paid EUR 110 million for Dolomitas, equating to a 6x multiple, and described the transaction as immediately earnings enhancing before synergies.
Dolomitas Resource Base and Strategic Fit
Dolomitas has 25 to 30 years of existing reserves under permission and ownership, plus a further 15 to 20 years where permits are required. The business has approximately 40 limestone and dolomitic limestone products and fits SigmaRoc's existing Baltic operations.
Potential Dolime Growth Opportunity
Management said dolime is an essential ingredient for electric arc furnace-based steel production, is scarce across Europe, and has expected volume growth of 4% per annum, above the previously indicated usual 1%, 1.5% volume growth.
Additional Lithuanian Logistics Asset
The Dolomitas transaction also includes a large plot of land in the economic free zone of Lithuanian ports, which management said will allow the group to import and export product into the region.
Internal M&A Execution Capability
Management said the Dolomitas transaction was run and managed by SigmaRoc's internal teams, with external legal and finance support, and described the process as well run and well executed.
Expected Dolomitas Synergies
SigmaRoc stated a general ambition of achieving about a 25% EBITDA increase on any acquisition and said the Dolomitas synergy opportunity would involve operational market presence and integration into the wider structure.
Strong Acquisition Pipeline
Management said the acquisition pipeline is full and stated that another deal within the next 12 months was not in doubt, while emphasizing that the company wants to buy the best companies at the best value.
Improved Financing Costs and Tax Rate
Finance costs declined following refinancing. Tax expense increased because of improved profits, while the effective tax rate was approximately 20% of profit before tax, below the usual 22% guidance because of refunds from previous years.
ESG and Business Quality
SigmaRoc highlighted its MSCI AAA rating and continued investment in emissions, safety and relationships with neighbors as part of its focus on the overall quality of the group.
CO2-Reduction Program
The company said its CO2-reduction program was developing well, with biomass and multi-fuel conversion as the predominant strategy and a plan to convert all operations to multi-fuel, including biomass, over the coming years.
Positive Second-Half Start and Full-Year Outlook
Management said the second half, typically stronger than the first, had started well ahead of last year and that the board and management were on track for another solid full-year performance, with additional benefit expected from the Dolomitas acquisition and synergies.
Diversified and Predictable Business Model
Management said the group serves infrastructure, industrial, environmental, construction and other sectors, making the business predictable through a cycle because different sectors evolve with their own cycles.
GB:SRC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed