Q3 Trading Update
Summary by AI BETAClose X
21 October 2025
(EPIC: SRC / Market: AIM / Sector: Construction Materials)
SIGMAROC PLC
('SigmaRoc', the 'Group' or the 'Company')
Q3 Trading Update
Strong Q3 performance underpins confidence in full year expectations
SigmaRoc, the European lime and minerals Group, is pleased to provide an update on trading for the nine months to 30 September 2025 (the 'Period').
Highlights:
· Revenue1 increased £775m (2024: £729m), up 6% YoY;
· Underlying EBITDA1 increased to £192.9m (2024: £165m), up 17% YoY;
· Underlying EBITDA1 margin improved to 24.9% (2024: 22.6%), up 230bps YoY;
· The Board remains confident in Full Year Expectations and expects full year EPS to be no less than 9.5p2.
Pro-forma highlights3:
· Revenues reduced 1% to £771m with volumes displaying similar trends to H1;
· Underlying EBITDA increased 5% versus the same period in 2024 thanks to strong delivery on synergies and further discipline on cost and cash management;
· Underlying EBITDA margin up 150bps to 24.9%.
Operational delivery
Further to our H1 update, we have seen encouraging developments in some markets adding to continued trends in others. The UK&IRL continued to perform well, leveraging a dynamic team and strategic market positioning. Belgium is now showing some signs of recovery, as the Netherlands had already demonstrated at our interims. Signs of optimism are also visible in Germany with increased residential planning approvals. Infrastructure and industrial output remained as discussed at the interims in the wider Central region, taking into account some weakness in Polish infrastructure and industrial customer maintenance shutdowns. The Nordic markets performed as expected where we keep monitoring the decisions of some of our paper customers regarding manufacturing locations.
The Group has also made tremendous progress on both its synergy programmes and further self-help initiatives. These programmes have contributed to the solid margin performance in the Period. Synergy delivery continued at pace, and we expect a minimum of £21m for the full year. The focus on discretionary spending and cost control will further enhance performance for the full year.
Outlook
The Board remains confident of the delivery of a strong performance in 2025. The Group has demonstrated its agility to counter pockets of market weakness through proactive actions and self-help programmes. These, combined with continued trading as discussed at the interims, positions the Group well for the full year.
Max Vermorken, CEO of SigmaRoc, commented:
"Through this Q3 update the Group demonstrates again how its agile structure and dedicated team is able to deliver in subdued markets. The temporary volume weakness discussed in earlier updates persisted across Q3. The Group took timely action with both synergies and self-help programmes.
As we look to the end of the year and beyond, we see little change in Q4 but expect the demand picture to change with an improved construction outlook as and when cyclical demand returns and the effects of the stimulus programmes are felt. This is likely to create exciting years in the midterm. The German stimulus programme will bring much needed support to industrial Europe and the construction sector, further helped by actions taken by the European Union on steel imports. These trends could materially improve the trading environment for businesses like ours."
Notes: 1 From continuing operations; 2 Consensus expectations for SigmaRoc, being the average of forecasts for the year ending 31 December 2025 provided by Analysts covering the Company, are revenue of £1,061m, underlying EBITDA of £250m and EPS of 9.2p; 3 Pro-forma calculation includes all continuing operations in full for 2024 and 2025.
Information on the Company is available on its website, www.sigmaroc.com.
For further information, please contact:
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SigmaRoc plc Max Vermorken (Chief Executive Officer) Jan Van Beek (Chief Financial Officer) Tom Jenkins (Head of Investor Relations)
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Tel: +44 (0) 207 002 1080
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Panmure Liberum (Nomad and Co-Broker) Scott Mathieson / John More / Dru Danford
Deutsche Numis (Co-Broker) Richard Thomas / Hannah Boros
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Tel: +44 (0) 203 100 2000
Tel: +44 (0) 20 7260 1000
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About SigmaRoc plc:
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.
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