Slide 1: SIG plc FY 2025 Results
SIG plc FY 2025 Results 4 March 2026
Slide 2: FY 2025 Results Agenda
FY 2025 Results Agenda 1 2 3 Overview Financial Results Business Review Pim Vervaat Ian Ashton Pim Vervaat CEO CFO CEO Julien Monteiro MD SIG France 2
Slide 3: Overview
Overview Pim Vervaat, CEO
Slide 4: Overview
Overview Robust performance in FY 2025 in Vision 2030 strategy challenging markets • Group LFL revenue flat with volumes marginally up • Optimise operating leverage – additional self-help potential identified • Sales outperformance relative to markets • Business portfolio optimisation initiated • Op
Slide 5: Financial Results
Financial Results Ian Ashton, CFO
Slide 6: Key financials
Key financials £'m FY FY • Group LFL sales flat versus the prior year, with volumes up 2025 2024 marginally up Revenue 2,591 2,612 • Subdued demand persisting across the Group’s markets; no LFL sales growth 0% (4)% market recoveries during H2 Gross profit 627 640 • Gross margin well managed – slight
Slide 7: Revenue
Revenue 0.5% 0.8% 1.0% 0.5% £2,612m £2,591m FY 2024 LFL - volume LFL - pricing Branch changes Working days/FX FY 2025 • Continued progress in difficult markets, taking share and delivering marginal year-on-year increase in volumes • Sales pricing pressures lead to c1% deflation impact on top line 7
Slide 8: LFL revenue, operating margins & profit
LFL revenue, operating margins & profit FY 2025 Revenue LFL1 Operating (£’m) FY 2025 Operating profit2 (£’m) margin2 UK Roofing 453 2% 3.1% 14.3 France Roofing 388 (5)% 2.5% 9.7 UK Interiors 673 3% 1.1% 7.7 France Interiors 190 (6)% 2.5% 4.8 Poland 261 5% 1.6% 4.0 Ireland 102 (3)% 2.6% 2.7 Germany 4
Slide 9: Operating profit bridge
Operating profit bridge £3m £(5)m £32m £(15)m £25m £39m £(14)m FY 2024 Sales Sales Other Opex Opex FY 2025 volume pricing GM changes inflation savings • Small gain from underlying volumes offset by competitive sale pricing • Other GM changes includes mix effects and lost GP from closed branches • Op
Slide 10: Continued re-shaping of cost base for profitable growth
Continued re-shaping of cost base for profitable growth Operating cost reduction 2025 Ongoing savings – 2026 impact £m Underlying operating cost saving 39 • Executed and ongoing actions, excluding procurement benefits, expected to offset Restructuring actions 18 anticipated opex inflation of c£15m i
Slide 11: Free cash flow
Free cash flow Working capital % of LTM sales: £70m 2024: 10.2% 2025: 9.5% £110m £10m £29m £16m £43m £51m £4m £12m Underlying Lease Capex Working Cash Operating Interest and Tax Free cash EBITDA payments capital exceptionals & cash flow financing outflow other • Strong cash inflow from working capit
Slide 12: Balance sheet
Balance sheet • Liquidity remains robust at £171m; RCF undrawn throughout the year and to date • Net debt includes £323m of lease liabilities on fleet and estate – stable vs prior year • Leverage unchanged, with increased EBITDA offsetting free cash outflow Liquidity Net debt and leverage1 Group deb
Slide 13: Technical guidance – FY 2026 expectations
Technical guidance – FY 2026 expectations • Inflation: o Slightly positive yoy input cost inflation for FY 2026 in aggregate o Operating cost inflation expected to be approximately 2-3% • Capex of £15-20m • Net interest charge expected to be within the range of £54- £56m, reflecting slightly higher
Slide 14: Business Review
Business Review Pim Vervaat, CEO
Slide 15: SIG overview
SIG overview Our Pan-European operations BLX Ireland 4% 4% Poland 10% UK Revenue 43% Germany 17% by region FY 2025 France 22% 415 6,500+ c1,100 BRANCHES COLLEAGUES DELIVERY ACROSS SIX FLEET GEOGRAPHIES 15
Slide 16: UK Interiors and Benelux continued strengthening
UK Interiors and Benelux continued strengthening Strategic actions driving £12m operating profit improvement in FY25 SIG Insulation & Dry Lining1 Benelux Operating Profit Operating (Loss) £5.6m FY 2024 FY 2025 FY 2025 £(1.3)m £(3.5)m £(4.5)m FY 2024 • Strong sales and market share recovery to signif
Slide 17: UK Roofing & Germany
UK Roofing & Germany £m FY 2025 FY 2024 £m FY 2025 FY 2024 Sales 453.4 448.7 Sales 432.5 438.5 LFL sales 2% 0% LFL sales (3)% (2)% Operating profit 14.3 13.9 Operating profit 1.3 4.7 • Resilient financial performance • Gaining share in challenging market • Market leader in core roofing, gaining shar
Slide 18: Poland & Ireland
Poland & Ireland £m FY 2025 FY 2024 £m FY 2025 FY 2024 Sales 260.5 241.4 Sales 101.6 104.1 LFL sales 5% (2)% LFL sales (3)% 13% Operating profit 4.0 4.6 Operating profit 2.7 3.3 • Resilient financial performance in subdued market • Disciplined pricing approach in Distribution leading to lower H2 202
Slide 19: SIG France
SIG France Julien Monteiro Managing Director, SIG France
Slide 20: SIG France Overview
SIG France Overview #1 #2 IN ITS IN ITS MARKET MARKET ROOFING & INTERIORS FACADES SPECIALIST SPECIALIST £388m 714 95 £190m 333 40 REVENUE PEOPLE BRANCHES REVENUE PEOPLE BRANCHES FY 2025 +2 HUBS FY 2025 +1 HUB 20
Slide 21: SIG France - 2025 Review
SIG France - 2025 Review • Markets in France impacted by weak demand in new construction, especially non residential • Robust performance for both Litt and Lariviere – taking market share in declining markets (1-2% ahead of market*) • Despite 5% LFL sales decline, underlying operating profit improve
Slide 22: SIG France - looking ahead
SIG France - looking ahead • Markets in France expected to grow 2% in 2026 • Government initiative “Ma prime renov” reactivated • Aim to continue increase in market share by intensifying sales activities • Further cost reductions initiated • Continue to develop AI tools to support performance 22
Slide 23: Strategy & Outlook
Strategy & Outlook Pim Vervaat, CEO
Slide 24: Our Strategy: Vision 2030
Our Strategy: Vision 2030 1. Optimise Operating Leverage 2025-2026 actions ➢ Continue to take market share • Procurement focus enhanced ➢ Ongoing review of branch footprint • Further cost base restructuring ➢ Further cost efficiencies • Back office UK and corporate overhead savings ➢ Procurement opp
Slide 25: Our Strategy: Vision 2030
Our Strategy: Vision 2030 2. Optimise the Business Portfolio 2025-2026 actions ➢ Focus on most attractive long term growth markets for SIG • Streamlined UK organisational structure, with removal of UK Specialist Markets central cost overheads ➢ Assess opportunities for simplification in the portfoli
Slide 26: Vision 2030: Objectives
Vision 2030: Objectives Short / ➢ Robust liquidity through cost and working capital efficiencies Medium term ➢ Focused business portfolio – aligned to growth markets ➢ Continuing to grow ahead of market By 2030 ➢ Creation of best-in-class distribution platform in building materials Delivery of 3-5%
Slide 27: Outlook
Outlook • Continued market softness in first half of 2026, after weather affected first two months • Improvement over balance of year; additional self-help being pursued • Expect to maintain healthy levels of liquidity throughout 2026 • Well positioned to benefit from market recovery • Progressing t
Slide 28: Appendix
Appendix
Slide 29: ESG
ESG 2025 progress towards our long-term sustainability commitments Five key commitments Measure Change FY 2025 FY 2024 Net Zero Carbon by • Net zero carbon emissions1 2035 Improved 38,736 39,285 Zero SIG waste to • % total waste diverted from landfill Improved 98% 96% landfill by 2025 Health & Safet
Slide 30: Regulatory themes across Europe supporting long term demand for our products and markets
Regulatory themes across Europe supporting long term demand for our products and markets Tailwind to SIG’s core markets and business Regulatory themes across our European markets relevant to SIG Examples 1 Demand for commercial building retrofit from France: RE 2020 EPC changes and carbon reduction
Slide 31: Growth drivers – Long-term
Growth drivers – Long-term Drivers of structural demand within European construction benefit SIG’s portfolio 1 Energy efficiency and decarbonisation regulations 2 Ageing buildings across Europe 3 Housing undersupply and pent-up demand Regulations support long-term demand for insulation and Significa
Slide 32: UK Restructuring – 2024 restatements
UK Restructuring – 2024 restatements Historic reporting New segmental reporting INTERIORS INTERIORS £495m £665m FY 2024 REVENUE FY 2024 REVENUE (0.7)% 0.1% OPERATING MARGIN OPERATING MARGIN ROOFING ROOFING £381m £449m FY 2024 REVENUE FY 2024 REVENUE 3.5% 3.1% OPERATING MARGIN OPERATING MARGIN SPECIA
Slide 33: Underlying financials by segment
Underlying financials by segment Operating Change Revenue profit/(loss) vs PY Operating Change £'m LFL £'m £'m margin vs PY UK - Interiors 673 3% 7.7 7.1 1.1% 1.1% UK - Roofing 453 2% 14.3 0.4 3.1% 0.1% UK 1,126 2% 22.0 7.5 2.0% 0.7% France - Interiors 190 (6)% 4.8 (1.4) 2.5% (0.5)% France - Roofing
Slide 34: Other items
Other items PBT Cash Impact Impact FY FY FY £'m 2025 2024 2025 Amortisation of acquired intangibles (2.1) (2.1) - 1 Impairment charges (29.7) (7.3) - 2 Net restructuring costs (9.0) (13.4) (8.0) Cloud based ERP implementation costs (1.3) (1.0) (1.1) Costs associated with refinancing - (3.9) (0.1) Ot
Slide 35: Cash flow and net debt
Cash flow and net debt £'m FY FY 2025 2024 Underlying operating profit 32 25 Add back: Depreciation & amortisation 78 80 Underlying EBITDA 110 105 Working capital movements 29 (7) • Strong working capital inflow, reflecting working capital initiatives Repayment of lease liabilities (70) (67) and sol
Slide 36: Net debt bridge
Net debt bridge £9m £4m £17m £16m £110m £51m £63m £518m £497m £29m FY 2024 Underlying Working Lease additions/ Interest and Capex Cash exceptionals Tax Provisions/ FY 2025 Net Debt EBITDA capital renewals financing Other/FX Net Debt 36
Slide 37: Number of trading sites
Number of trading sites 31 Dec 31 Dec Opened Closed 2024 2025 UK - Interiors 55 - (5) 50 UK - Roofing 115 - (1) 114 UK 170 - (6) 164 France - Interiors 40 1 (1) 40 France - Roofing 100 1 (5) 96 France 140 2 (6) 136 Germany 50 - (1) 49 Poland 50 - - 50 Benelux 5 - (1) 4 Ireland 11 1 - 12 Group 426 3