SigmaRoc (SRC) Investor presentation summary

Investment case and market positioning

• Maintains protected market leadership with high barriers to entry and local, non-substitutable products across 110 sites in core European markets.

• Diversified exposure to structural growth drivers such as green steel, electrification, infrastructure, and reshoring.

• Resilient demand supported by critical applications in construction, industry, and environment, with 46% of revenue from construction and 31% from industry.

• Embedded in customer processes with high switching costs and long-term relationships; ~90% of lime revenues from customers >10 years.

• Commitment to a managed decarbonisation pathway, targeting net zero by 2040 through fuel switching and CO2 re-absorption.

Financial performance and targets

• FY25 revenue projected at £1,036m, EBITDA at £262m, with a 25.3% EBITDA margin and >50% free cash flow conversion.

• ROIC target set at >15%, with leverage maintained at 1.5–2.0x and organic revenue growth of 3–5% per year.

• EBITDA margin has increased by 490bps since 2021, with significant improvements from synergies and margin expansion.

• Over £500m free cash flow to deploy over the next five years, supporting further M&A and shareholder returns.

• Disciplined capital allocation prioritizes bolt-on acquisitions, growth capex, debt optimization, and capital returns including buybacks.

Value creation and growth strategy

• Proven track record of value creation through M&A, with average EBITDA improvement of 38% on acquired businesses.

• Achieved £34m in recurring synergies from recent acquisitions two years ahead of schedule.

• Integrated European production and logistics network delivers operational resilience and cost advantages.

• Significant M&A runway remains, with only ~20% market share in lime and 1.5% in limestone across Europe.

• Innovation and sustainability investments include biofuel switching, fossil-free electricity, and CO2 capture initiatives.