SigmaRoc (AIM:SRC), the European lime and minerals group, reported underlying EBITDA of £131m for the six months to 30 June, up more than 11% on the prior year.
The underlying EBITDA margin rose 200 basis points to 25.1%, driven by pricing, cost control and operational delivery. Underlying earnings per share climbed 12.2% to 5.23p, while like-for-like "core" volumes rose 1%, the first increase in three years, following a stronger second quarter after a weather-hit start.
Overall revenue rose 2.5%, with construction contributing 42% of group revenue, industry 36% and environment 22%.
Covenant leverage fell to 1.66x, and the group secured a €825m investment-grade facility with a €300m accordion to fund further acquisitions.
SigmaRoc also secured permitting for an additional 64m tonnes of high-grade limestone at its Klinthagen operation in Sweden, and was awarded a AAA MSCI ESG rating, the highest available.
"SigmaRoc delivered a strong first half, with improved profitability and continued deleveraging," said chief executive Max Vermorken, adding that pricing was strong and mix contributed to "the excellent outcome" despite uncertainty from the conflict in the Middle East.
The board's view on full-year 2026 outlook remains unchanged, with Vermorken saying the group remains confident of delivering results in line with consensus expectations, citing improving signs in some end markets and a seasonally stronger second half trending ahead of the prior year.
News Intelligence what this means for the company
SigmaRoc reported H1 EBITDA of £131m (up 11% year-on-year) with underlying EBITDA margin expanding 200 basis points to 25.1%, driven by pricing power and operational execution. The company achieved its first core volume growth in three years—a 1% like-for-like increase—signalling a turn in end-market demand after weather headwinds in Q1. With covenant leverage falling to 1.66x and a €825m investment-grade facility now in place, SigmaRoc has both improved profitability and acquisition capacity while maintaining its full-year guidance.
The combination of margin expansion, volume stabilisation, and deleveraging addresses the core risks that have weighed on the stock: SigmaRoc is no longer shrinking, pricing is holding, and balance-sheet headroom for M&A is secured. The full-year outlook remains unchanged, so near-term upside hinges on whether H2 volumes and pricing sustain the H1 momentum.
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