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Sparks commentary - SigmaRoc

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Sparks - SigmaRoc

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SigmaRoc (AIM: SRC) – strong H1 performance complemented by Dolomitas acquisition
Published by Harry Kilby

SigmaRoc (AIM: SRC) reported H126 revenue growth of 2.5% y-o-y to £523.1m and an 11.3% increase in underlying EBITDA to £131.2m, with the EBITDA margin improving by 200bp to 25.1%. Underlying PBT increased 11.4% to £75.1m and underlying EPS rose 12.2% to 5.23p, while free cash flow increased 8.2% to £67.0m. Core volumes increased 1% y-o-y, the first increase in three years, supported by an improvement in Q2 following the weather-affected first quarter and strong pricing. Net debt declined 7.2% to £462.6m, reducing covenant leverage to 1.66x from 2.04x at H125. The board maintained FY26 expectations in line with consensus of £1,066m revenue, £276m underlying EBITDA, 11.5p underlying EPS and 1.4x leverage.

Alongside the results, SigmaRoc announced that the company has agreed to acquire Lithuanian dolomite producer AB Dolomitas for €110m on a debt- and cash-free basis, plus €8m for certain non-core assets. Dolomitas generated €70m of revenue and €18m of EBITDA in FY25, representing a margin in excess of 25%, and produces c 3.5Mt of dolomite annually. The acquisition is expected to complete in Q426, subject to regulatory approvals, and to be earnings enhancing in 2027. The €110m consideration comprises €90m in cash and €20m in SigmaRoc shares, with the acquisition expanding the group’s existing Baltic platform and providing opportunities for further operational improvements and synergies.

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