SigmaRoc (SRC) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 profitability exceeded 2025 and met expectations, with a solid start to the year despite severe winter weather impacting volumes.

• Early signs of recovery in core markets, including steel and housing, contributed to improved sentiment.

Financial highlights

• Revenue for Q1 2026 was flat year-over-year at £251.5m, as pricing and mix offset a 3% volume decline.

• Underlying EBITDA rose 12% year-over-year to £54.9m, with margins improving by 250bps to 21.8%.

• Operating profit increased 4% year-over-year, reflecting ongoing cost management and logistics internalisation.

Outlook and guidance

• Trading improved through March as weather disruptions eased; outlook for FY26 remains unchanged.

• Anticipated benefits from German stimulus expected in H2 2026; monitoring Middle East conflict for potential impacts.

• Diversified end markets and strategies for energy price volatility provide resilience.