Slide 1: FY25 Results Presentation
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SIGMAROC FY25 RESULTS PRESENTATION The Nordkalk CEO and the architect planning FinlandÕs largest quarry and lime kiln operations at the Nordkalk offices in Pargas, c. 1910 Ð offices that still stand today SIGMAROC FY25 RESULTS
Slide 2: Agenda
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX AGENDA GROUP PERFORMANCE 01 | Max Vermorken, CEO FINANCE 02 | Jan Van Beek, CFO STRATEGIC DELIVERY 03 | Max Vermorken, CEO OUTLOOK 04 | Max Vermorken, CEO NordkalkÕs Pargas site and its head office, then and now. The same offices (highlig
Slide 3: Overview
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX OVERVIEW INTEGRATION COMPLETED READY TO SCALE One group, one culture, 3,000 people strong → Positioned for European re-industrialisation 2025 performance confirms group resilience → Operational leverage in place for market recovery Synerg
Slide 4: Group Performance
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Buxton site, UK 01 GROUP PERFORMANCE SIGMAROC FY25 RESULTS 4
Slide 5: Improved EBITDA and margins across all regions
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX IMPROVED EBITDA AND MARGINS ACROSS ALL REGIONS1 25% 45% 6% 24% GROUP UK & IRELAND WESTERN EUROPE NORDICS CENTRAL EUROPE Revenue Revenue Revenue Revenue Revenue £1,029m £258m £65m £242m £464m -1% YoY +2% YoY +2% YoY -3% YoY -2% YoY EBITDA
Slide 6: Sector performance reflects underlying markets
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SECTOR PERFORMANCE REFLECTS UNDERLYING MARKETS -7% YoY1 +6% YoY1 0% YoY1 INDUSTRY ENVIRONMENT CONSTRUCTION Revenue2 £321m Revenue2 £240m Revenue2 £468m Group Revenue % 31% Group Revenue % 23% Group Revenue % 46% Steel § Customer specific
Slide 7: Resilient portfolio, focussed on returns
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX RESILIENT PORTFOLIO, FOCUSSED ON RETURNS -1% YoY1 -11% YoY1 +9% YoY1 HIGH-GRADE MINERALS AGGREGATES AND STONE2 VALUE-ADDED PRODUCTS Revenue3 £734m Revenue3 £120m Revenue3 £175m Group Revenue % 71% Group Revenue % 12% Group Revenue % 17% V
Slide 8: Majority of reduced volumes by design
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX MAJORITY OF REDUCED VOLUMES BY DESIGN VOLUME REDUCTION vs. FY241 Challenging market conditions (mt) § Soft steel market (expected to recover in 2026)2 2.4 − Industrial production ~6% below 2018Ð19 peak (index ~104 vs 110) − Customer shutd
Slide 9: Minimum synergies delivered 2 years early; operational improvements continue
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX MINIMUM SYNERGIES DELIVERED 2 YEARS EARLY; OPERATIONAL IMPROVEMENTS CONTINUE SYNERGIES RAMP-UP MINIMUM TARGET ACHIEVED (£Õm) 40m€ / £34m 34 recurring synergies 26 13 3 262 Operational 26 (4) 12 238 synergies 8 13 (17) (5) 8 6 14 Commercia
Slide 10: Our CO2 initiatives and investments in innovation in 2025
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX OUR CO2 INITIATIVES AND INVESTMENTS IN INNOVATION IN 2025 Biofuel switch in Central Europe + First kiln converted in September 2025 Fossil-free electricity increased to 86% (up from 71%) + Targeting 100% by 2030 + EMISSIONS AI kiln optimi
Slide 11: Finance
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Nordkalk Wapno site, Poland 02 FINANCE SIGMAROC FY25 RESULTS 11
Slide 12: Strong FY25 performance through focus on operational excellence
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX STRONG FY25 PERFORMANCE THROUGH FOCUS ON OPERATIONAL EXCELLENCE REVENUE EBITDA EBITDA MARGIN EPS £1,036m £262m 25.3% 10.51p +4% YoY -1% PF +16% YoY +8% PF +280bps YoY +210bps PF +26% YoY ROIC1 NET DEBT LEVERAGE FCF CONVERSION 12.2% £472.4
Slide 13: EBITDA growth driven by operational excellence, synergies and self-help
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX EBITDA GROWTH DRIVEN BY OPERATIONAL EXCELLENCE, SYNERGIES AND SELF-HELP FY25 REVENUE BRIDGE FY25 UNDERLYING EBITDA BRIDGE (£Õm) (£Õm) 5 2 2 262 411 4 9 1,036 2 3 9 (11) (8) 171 998 225 FY24 M&A UK & WE Nordics CE FX FY25 FY24 M&A UK & WE
Slide 14: Active management shaped performance despite macro headwinds
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX ACTIVE MANAGEMENT SHAPED PERFORMANCE DESPITE MACRO HEADWINDS FY25 PROFORMA EBITDA BRIDGE § Core volumes down due to softer markets (£Õm) while managing reserves and LT contracts 3 262 13 § Commercial synergies successful at mitigating mar
Slide 15: Improvements across all areas with record EBITDA and EPS
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX IMPROVEMENTS ACROSS ALL AREAS WITH RECORD EBITDA AND EPS Year to 31 Year to 31 December 2025 December 2024 CONTINUING & DISCONTINUED OPERATIONS (£Õm) (£Õm) REVENUE 1,036 998 RECONCILIATION: UNDERLYING EBITDA TO UNDERLYING PROFIT COST OF S
Slide 16: High degree of variable costs provides flexibility and resilience
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX HIGH DEGREE OF VARIABLE COSTS PROVIDES FLEXIBILITY AND RESILIENCE § Includes direct mineral costs 31% § Maintenance Ð tailored to volumes Materials & production § Production can be turned on and off to suit demand § Principally a lime cos
Slide 17: 51% FCF conversion achieved in 2025
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX 51% FCF CONVERSION ACHIEVED IN 2025É FY25 FREE CASH FLOW (£Õm) FCF POST COST OF FCF GROWTH CAPEX DEBT CONVERSION CONVERSION § Ownership of majority of input material 5% 51%1 43% § Net working capital impacted by 2024 restructuring program
Slide 18: With de-gearing continuing as expected
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX É WITH DE-GEARING CONTINUING AS EXPECTED FY25 DEBT BRIDGE (£Õm) FY24 FY25 2.1x 1.8x 510 LEVERAGE TARGET 472 10 26 4 1.5x Ð 2.0x 16 20 5 (5) (114) Opening Underlying IFRS16 M&A Divestments Non- EBT Share FX1 Other Closing Net Debt FCF Leas
Slide 19: Refinancing to create a more flexible and scalable capital structure
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX REFINANCING TO CREATE A MORE FLEXIBLE AND SCALABLE CAPITAL STRUCTURE FROM TO Funding § 600m€ total capacity § 825m€ total capacity 01| Capacity § Term-loan driven structure § Flexible RCF structure Financing 02| Cost § Acquisition facilit
Slide 20: Strategic Delivery
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Fels site, Germany 03 STRATEGIC DELIVERY SIGMAROC FY25 RESULTS 20
Slide 21: Structural support for lime and limestone demand in Europe
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX STRUCTURAL SUPPORT FOR LIME AND LIMESTONE DEMAND IN EUROPE WHAT WE DO É É IS MORE NEEDED THAN EVER § Housing shortage WE HELP § Critical infrastructure BUILD INFRASTRUCTURE AND HOMES § Data centres § Re-industrialisation WE HELP § Defence
Slide 22: Structural shifts already tangible across key markets
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX STRUCTURAL SHIFTS ALREADY TANGIBLE ACROSS KEY MARKETS INFRASTRUCTURE RESI. CONSTRUCTION 40% of group 46% of group 500b€ sales in Germany and Poland 9.6m sales in Construction German stimulus programme Units of housing shortfall in Europe1
Slide 23: Business model allows us to outperform in supportive environment
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX BUSINESS MODEL ALLOWS US TO OUTPERFORM IN SUPPORTIVE ENVIRONMENT STRATEGIC ADVANTAGES Over £500m capital to deploy in next 5 years + Structural market shifts VALUE CREATION 01 02 03 04 05 LEVERS INVEST IMPROVE INTEGRATE INVOLVE INNOVATE →
Slide 24: Disciplined capital allocation to deliver 2025-30 targets
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX DISCIPLINED CAPITAL ALLOCATION TO DELIVER 2025Ð30 TARGETS 2025-2030 TARGETS ORGANIC REVENUE EBITDA MARGIN FCF CASH LEVERAGE ROIC SAFETY: LTIFR1 GROWTH CONVERSION REDUCTION 3-5% >24% >50% 1.5-2.0X >15% 10% p.a. CAPITAL ALLOCATION RANKED BY
Slide 25: Outlook
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Limestone stock, Finland 04 OUTLOOK SIGMAROC FY25 RESULTS 25
Slide 26: 2026 Outlook
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX 2026 OUTLOOK 2026 AND BEYOND → 2026 trading has started in line with expectations, despite weather → Market recovery expected to strengthen from H2 2026 → 2025 operational improvements position the Group for sustainable performance RESILI
Slide 27: Exit of personnel at Carrières du Hainaut, Belgium c.1902
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Exit of personnel at Carri•res du Hainaut, Belgium Ð c.1902 SIGMAROC FY25 RESULTS 27
Slide 28: Exit of personnel at Carrières du Hainaut, Belgium 2026
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Exit of personnel at Carri•res du Hainaut, Belgium Ð 2026 SIGMAROC FY25 RESULTS 28
Slide 29: Q&A
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Q&A SIGMAROC FY25 RESULTS 29
Slide 30: Appendix
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX Clogrennane site, Ireland 05 APPENDIX SIGMAROC FY25 RESULTS 30
Slide 31: Shareholder information
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX SHAREHOLDER INFORMATION TOP 10 SHAREHOLDERS (FEBRUARY 2026) % OF ISSUED SHARE CAPITAL REGION OF SHAREHOLDER (FEBRUARY 2026) FMR LLC 10.4% 11% 5% Europe ROW Capital Group 8.0% Driehaus 3.6% Janus Henderson 3.1% 37% 47% North America UK Inv
Slide 32: Recovery tailwinds to unlock operational leverage
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX RECOVERY TAILWINDS TO UNLOCK OPERATIONAL LEVERAGE INDUSTRY ENVIRONMENT CONSTRUCTION Group Revenue % 31% Group Revenue % 23% Group Revenue % 46% INDUSTRIAL PRODUCTION1 EU GDP, CURRENT PRICES ($B)2 CONSTRUCTION OUTPUT, EXCL. RMI3 READY TO C
Slide 33: Recovery in mortgages indicates improving residential construction outlook
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX RECOVERY IN MORTGAGES INDICATES IMPROVING RESIDENTIAL CONSTRUCTION OUTLOOK MORTGAGE APPROVALS BY VALUE Ð LOCAL CURRENCIES +56% GERMANY1 POLAND1 +66% SWEDEN1 +37% -63% -64% -79% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2018 2019 2020 2
Slide 34: Germany: construction recovery taking shape
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX GROSS VALUE ADDED, 2019 = 100 CONSTRUCTION MANUFACTURING GERMANY: CONSTRUCTION RECOVERY TAKING SHAPE 110 100 90 Construction sector in recession since 2021 80 Post-pandemic, Ukraine war, ECB rate hikes, regulatory uncertainty 70 2015 2016
Slide 35: Germany stimulus: significant political impact
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX GERMANY STIMULUS: SIGNIFICANT POLITICAL IMPACT BUDGET ALLOCATION FROM FUND2 (€Õb) 59 57 58 59 Roads, bridges, railway 2027 GERMAN TOTAL 21 20 20 20 Digitisation INFRASTRUCTURE UPLIFT1 37 12 9 9 9 9 Other 4 3 11 10 11 13 Federal states 8 1
Slide 36: Construction confidence: signs of recovery in most key regions
-20 -10 0 10 -20 -10 0 10 20 01-2018 01-2018 07-2018 07-2018 01-2019 01-2019 07-2019 07-2019 GROUP PERFORMANCE SIGMAROC FY25 RESULTS 01-2020 01-2020 07-2020 07-2020 1. FINANCE 01-2021 01-2021 07-2021 07-2021 01-2022 01-2022 07-2022 07-2022 01-2023 01-2023 EUROSTAT, Feb.26. 07-2023 07-2023 STRATEGIC
Slide 37: Perspective on Ukraine: key facts
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX PERSPECTIVE ON UKRAINE: 3 KEY FACTS 1. UNPRECEDENTED RECONSTRUCTION 2. LIME IMPORTS NEEDED 3. SIGMAROC STRATEGICALLY LOCATED DEMAND TO RECOVER TO PRE-WAR DEMAND TO HELP SUPPLY >$170b c. 70% VOLUME OF LIME IMPORTED Polish and Czech sites B
Slide 38: Contact
GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY OUTLOOK APPENDIX 6 Heddon Street, London, W1B 4BT, United Kingdom +44 207 129 78 28 info@sigmaroc.com SIGMAROC FY25 RESULTS 38