Slide 1: Interim Results 2025
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX INTERIM RESULTS 2025 SIGMAROC INTERIM RESULTS 2025 1
Slide 2: Agenda
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX AGENDA HIGHLIGHTS 01 Max Vermorken 02 GROUP PERFORMANCE Max Vermorken 03 FINANCE Jan Van Beek 04 STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION Max Vermorken 05 SUMMARY & OUTLOOK Max Vermorke
Slide 3: Highlights
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX 01 HIGHLIGHTS SIGMAROC INTERIM SIGMAROC RESULTS INTERIM 2025 RESULTS 2025 3
Slide 4: Delivering strong first half, full year expectations unchanged
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX DELIVERING STRONG FIRST HALF 1 Excellent all-round delivery in tough markets: Synergies, integration, Net Zero roadmap 2 Proactive volumes management: Mitigating market headwinds FULL YEAR 3
Slide 5: Group Performance
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX 02 GROUP PERFORMANCE SIGMAROC INTERIM SIGMAROC RESULTS INTERIM 2025 RESULTS 2025 5
Slide 6: Group Performance Overview (Proforma)
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX GROUP PERFORMANCE OVERVIEW (PROFORMA) GROUP UK & WESTERN NORDICS CENTRAL REVENUE IRELAND EUROPE EUROPE H1 25 £132m £510m £31m £122m £225m YoY change -1% YoY +4% YoY -1% YoY -2% YoY -3% YoY E
Slide 7: Sector Performance
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX SECTOR PERFORMANCE INDUSTRY ENVIRONMENT CONSTRUCTION Revenue1 £162.0m (-10%) Revenue1 £115.5m (9%) Revenue1 £232.8m (+2%) Revenue % of the Group 32% (H1 24: 35%) Revenue % of the Group 23% (
Slide 8: Product Performance
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX PRODUCT PERFORMANCE HIGH-GRADE MINERALS AGGREGATES AND STONE1 VALUE-ADDED PRODUCTS Revenue2 £367.0m (-2%) Revenue2 £61.1m (-10%) Revenue2 £82.2m (+10%) Revenue % of the Group 72% Revenue % o
Slide 9: Finance
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX 03 FINANCE SIGMAROC INTERIM SIGMAROC RESULTS INTERIM 2025 RESULTS 2025 9
Slide 10: Strong first half performance
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX STRONG FIRST HALF PERFORMANCE Revenue EBITDA EBITDA margin EPS £510m £118m 23% 4.7p +13% YoY +21% YoY +150bps YoY +52% YoY H1 24 Proforma H1 24 Proforma H1 24 Proforma H1 24 Proforma £450m -
Slide 11: H1 Revenue and EBITDA Bridge
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX H1 25 REVENUE AND EBITDA BRIDGE H1 25 REVENUE BRIDGE H1 25 UNDERLYING EBITDA BRIDGE £’m £’m Buxton Poland acquisition in acquisition in March September Buxton Poland 39 510 27 0 (5) 450 (1)
Slide 12: H1 Proforma EBITDA Bridge
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX H1 25 PROFORMA EBITDA BRIDGE DRIVERS H1 25 PROFORMA EBITDA BRIDGE £’m § Core volumes down due to softer markets while 2 118 116 6 managing reserves and LT 7 contracts § Commercial synergies
Slide 13: H1 Income Statement
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX H1 25 INCOME STATEMENT 6 months to 30 June 6 months to 30 June 2025 2024 CONTINUED OPERATIONS £’m £’m REVENUE 510 450 COST OF SALES (380) (342) GROSS PROFIT 130 108 ADMINISTRATIVE EXPENSES (
Slide 14: High degree of variable costs provides flexibility and resilience
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX HIGH DEGREE OF VARIABLE COSTS PROVIDES FLEXIBILITY AND RESILIENCE Energy, Fuel and Carbon 26% § Principally a lime cost 33% Materials & Production § Pass through mechanisms § Includes direct
Slide 15: Robust free cash flow continues
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX ROBUST FREE CASH FLOW CONTINUES FCF Drivers § Ownership of majority of 118 6% input material cost of debt § Limited net working (8) 53% 45% capital, approx. 6-12% of FCF conversion FCF post
Slide 16: Leverage trending in the right direction
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX LEVERAGE TRENDING IN THE RIGHT DIRECTION FY 24 H1 25 2.1x 2.0x 509 23 3 498 10 11 (53) (5) £’m Opening Net Debt Underlying FCF Divestments Non-Underlying EBT Share Purchase FX Other Closing
Slide 17: Improved financials despite market
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX IMPROVED FINANCIALS DESPITE MARKET Operational improvement achieved EBITDA and EBITDA margin increased due to effective synergy programme and mix improvement Record EPS Driven by improved op
Slide 18: Capital Allocation
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX CAPITAL ALLOCATION M&A BACK CAPITAL LEVERAGE TARGET RETURNING CASH IN FOCUS INVESTMENTS MAINTAINED TO SHAREHOLDERS § Bolt on / § Maintenance capex § Leverage target § Share buybacks - comple
Slide 19: Strategic Delivery & Synergies Implementation
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX 04 STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SIGMAROC INTERIM SIGMAROC RESULTS INTERIM 2025 RESULTS 2025 19
Slide 20: First half strategic delivery drivers
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX FIRST HALF STRATEGIC DELIVERY DRIVERS 01 Volumes: Mitigate impact of soft markets in steel and construction 02 Commercial synergies: Grow in adjacent markets and focus on commercial excellen
Slide 21: £9m EBITDA impact from lower volumes
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX £9M EBITDA IMPACT FROM LOWER VOLUMES: MARKET CONDITIONS & PLANNED INITIATIVES VOLUMES LOST vs. H1 2024 (mt) 1.1 CHALLENGING MARKET CONDITIONS -9% vs. § Soft steel market H1 2024 0.4 - Manufa
Slide 22: +£7m from commercial synergy initiatives
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX +£7M FROM IMPLEMENTATION OF COMMERCIAL SYNERGY INITIATIVES COMMERCIAL SYNERGY INITIATIVES EBITDA IMPACT vs. H1 2024 Grown topline through commercial excellence ü Pricing optimisation in Poli
Slide 23: +£6m from operational synergy initiatives
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX +£6M FROM IMPLEMENTATION OF OPERATIONAL SYNERGY INITIATIVES OPERATIONAL SYNERGY INITIATIVES EBITDA IMPACT vs. H1 2024 Completed restructuring programs across three regions ü Fels for Future
Slide 24: Delivery of synergies progressing well
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX DELIVERY OF SYNERGIES PROGRESSING WELL SYNERGIES OVERVIEW £’m Synergies delivered New min. target for Minimum synergies to be delivered Over 2027 and 2028 to be up to €60m Potential addition
Slide 25: Net Zero: advancing on our CO2 initiatives
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX NET ZERO: ADVANCING ON OUR CO2 INITIATIVES Biofuel switch in Central Europe First kiln converted in September 2025 75% diesel usage in Germany replaced with HVO 100% replacement targeted by
Slide 26: Strategic growth investment
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX STRATEGIC GROWTH INVESTMENT NEW AGGREGATES PLANT IN BELGIUM AMELI JV WITH ARCELORMITTAL ON TRACK ON TRACK § Project status: § Project status: § Civil works started § Public consultation on p
Slide 27: Innovation: Skreenhouse progressing well
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX INNOVATION: SKREENHOUSE PROGRESSING WELL APRIL 2025 – INVESTMENT IN ADAPTAVATE § Led a £2.7 million pre-Series A funding round § The collaboration aims to scale production of calcium carbona
Slide 28: Summary & Outlook
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX 05 SUMMARY & OUTLOOK SIGMAROC INTERIM SIGMAROC RESULTS INTERIM 2025 RESULTS 2025 28
Slide 29: End market outlook remains subdued for H2
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX END MARKET OUTLOOK REMAINS SUBDUED FOR H2 INDUSTRIAL ENVIRON. & AGRICULTURE CONSTRUCTION § Metals & mining, energy and § Delayed agricultural season § Residential - Stabilised at chemicals t
Slide 30: Short term challenges but optimism remains
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX SHORT TERM CHALLENGES BUT OPTIMISM REMAINS BUILT ENVIRONMENT LOST SINCE START OF UKRAINE WAR1 TAILWINDS HOW WE TAKE ADVANTAGE OVER $170b €500b German → Strengthening ties with local partners
Slide 31: Strong delivery, geared for rebound
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX STRONG DELIVERY, GEARED FOR REBOUND 1 Excellent all-round delivery in tough markets: Synergies, integration, Net Zero roadmap FULL YEAR 2 Proactive volumes management: Mitigating market head
Slide 32: Thank you!
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX Thank you! 6 Heddon Street, London, W1B 4BT, United Kingdom +44 207 129 78 28 info@sigmaroc.com SIGMAROC INTERIM RESULTS 2025 32
Slide 33: Recovery in mortgages indicates improving residential construction outlook
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Slide 34: Germany stimulus – significant political impact
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX CENTRAL REGION GERMANY STIMULUS –SIGNIFICANT POLITICAL IMPACT BUDGET ALLOCATION FROM FUND2 c.40% of Group revenue €’b 59 57 58 59 Roads, bridges, railway 2027 GERMAN TOTAL 21 20 20 20 Digiti
Slide 35: Perspective on Ukraine: 3 key facts
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & 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% V
Slide 36: Shareholder Information
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX SHAREHOLDER INFORMATION TOP 10 SHAREHOLDERS (JULY 2025) % OF ISSUED SHARE CAPITAL REGION OF SHAREHOLDER (JULY 2025) FMR LLC 10.5% 9% 2% Europe ROW Capital Group 8.0% Invesco 5.1% BGF 4.1% 54
Slide 37: 6 Heddon Street, London, W1B 4BT, United Kingdom info@sigmaroc.com
HIGHLIGHTS GROUP PERFORMANCE FINANCE STRATEGIC DELIVERY & SYNERGIES IMPLEMENTATION SUMMARY & OUTLOOK APPENDIX 6 Heddon Street, London, W1B 4BT, United Kingdom +44 207 129 78 28 info@sigmaroc.com SIGMAROC INTERIM RESULTS 2025 37