Slide 1: Investor Presentation 2026
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX SIGMAROC INVESTOR PRESENTATION 2026 Fels sites, Germany SIGMAROC INVESTOR PRESENTATION 2026
Slide 2: Agenda
AGENDA 01 | INTRO 04 | COMPOUNDING VALUE CREATION 02 | STRUCTURAL ADVANTAGE 05 | CAPITAL ALLOCATION 03 | RESILIENT EARNINGS 06 | RECAP / INVESTMENT THESIS La Belonga site in Oviedo, Spain SIGMAROC INVESTOR PRESENTATION 2026 2
Slide 3: Intro
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX Ronez site, Channel Islands 01 INTRO SIGMAROC INVESTOR PRESENTATION 2026 3
Slide 4: The SigmaRoc Investment Case
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX THE SIGMAROC INVESTMENT CASE → Local, high-barrier, non-substitutable product, hedges and pass-throughs Protected market leadership → Resilience from diversified end-markets
Slide 5: SigmaRoc: Leading European Minerals and Lime Platform
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX SIGMAROC: LEADING EUROPEAN MINERALS AND LIME PLATFORM 2016 - 2018 2019 - 2022 2023 - today UK construction materials platform Accelerated North & Western European Pan-Europe
Slide 6: Structural Demand Underpinning Growth
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX STRUCTURAL DEMAND UNDERPINNING GROWTH WHAT WE DO É É IS MORE NEEDED THAN EVER § Housing shortage WE HELP § Critical infrastructure BUILD INFRASTRUCTURE AND HOMES § Data cent
Slide 7: Growth Drivers Already Tangible Across Key Markets
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX GROWTH DRIVERS 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 G
Slide 8: Structural Advantage
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX Buxton site, UK 02 STRUCTURAL ADVANTAGE SIGMAROC INVESTOR PRESENTATION 2026 8
Slide 9: Scarce, Long-Life Assets with High Barriers to Entry
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX SCARCE, LONG-LIFE ASSETS WITH HIGH BARRIERS TO ENTRY Core markets § 110 sites Non-core markets Strategically located reserves across core European markets Kilns and processi
Slide 10: Lime and Limestone: Critical, Non-Substitutable Inputs to Many End-Markets
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX LIME AND LIMESTONE: CRITICAL, NON-SUBSTITUTABLE INPUTS TO MANY END-MARKETS FY25 REVENUE BY END-MARKET Agriculture § Used in 100+ applications Water Infrastructure § Few viab
Slide 11: Resilient Earnings
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX Nordkalk site, Finland 03 RESILIENT EARNINGS SIGMAROC INVESTOR PRESENTATION 2026 11
Slide 12: Earnings Resilience: Essential Products + Protected Cost Base
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX EARNINGS RESILIENCE: ESSENTIAL PRODUCTS + PROTECTED COST BASE RESILIENT DEMAND / ESSENTIAL PRODUCT PROTECTED COST BASE + Critical to end applications + Main input owned No s
Slide 13: Deeply Embedded in Customer Processes
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX DEEPLY EMBEDDED IN CUSTOMER PROCESSES 01. Tailored product portfolio 02. Integrated in operations 03. Sticky demand % sales per lime & limestone SKUs Share of revenue per re
Slide 14: Strong and Predictable Free Cash Flow
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX STRONG AND PREDICTABLE FREE CASH FLOW § Owned assets >50% average cash conversion since 2008 § Earnings stability 2025 FREE CASH FLOW § Diversified end-markets - Working cap
Slide 15: Compounding Value Creation
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX PPG site, UK 04 COMPOUNDING VALUE CREATION SIGMAROC INVESTOR PRESENTATION 2026 15
Slide 16: Proven Value Creation
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX PROVEN VALUE CREATION EBITDA ACQUIRED AND MULTIPLE PAID CRH LIME AND LIMESTONE AVERAGE 27% CRH DEALS DIVESTMENTS EBITDA IMPROVEMENT 2023-20251 5.7X 7.0X BETON SYNERGIES / 3.
Slide 17: Minimum Synergies Target from Lime Acquisitions Delivered 2 Years Early
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX MINIMUM SYNERGIES TARGET FROM LIME ACQUISITIONS DELIVERED 2 YEARS EARLY SYNERGIES RAMP-UP MINIMUM TARGET ACHIEVED (£Õm) 40m€ / £34m 34 recurring synergies 26 13 3 262 Operat
Slide 18: Network Advantage: Integrated European Production and Logistics Network
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX NETWORK ADVANTAGE: INTEGRATED EUROPEAN PRODUCTION AND LOGISTICS NETWORK PFR kilns Normal shaft kilns Rotary kilns 01. Resilience through scale Annular shaft kilns 02. Dense
Slide 19: Significant Remaining M&A Runway for Lime and Limestone
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX SIGNIFICANT REMAINING M&A RUNWAY FOR LIME AND LIMESTONE LIME LIMESTONE Opportunity to further consolidate European market No limit to growth Market share in Europe Core mark
Slide 20: Proven Business Model to Deliver Ambitious Mid-Term Targets
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX PROVEN BUSINESS MODEL TO DELIVER AMBITIOUS MID-TERM TARGETS STRATEGIC ADVANTAGES Over £500m FCF to deploy in next 5 years + Structural market shifts VALUE CREATION 01 02 03
Slide 21: Capital Allocation
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX Fels site, Germany 05 CAPITAL ALLOCATION SIGMAROC INVESTOR PRESENTATION 2026 21
Slide 22: Disciplined Capital Allocation Framework to Deliver 2025-30 Targets
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX DISCIPLINED CAPITAL ALLOCATION FRAMEWORK TO DELIVER 2025Ð30 TARGETS 2025-2030 TARGETS ORGANIC REVENUE EBITDA MARGIN FCF CASH LEVERAGE ROIC SAFETY: LTIFR1 GROWTH CONVERSION R
Slide 23: Recap / Investment Thesis
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX Limestone stock, Finland 06 RECAP / INVESTMENT THESIS SIGMAROC INVESTOR PRESENTATION 2026 23
Slide 24: Recap / Investment Thesis
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX RECAP / INVESTMENT THESIS → Local, high-barrier, non-substitutable product, hedges and pass-throughs Protected market leadership → Resilience from diversified end-markets ac
Slide 25: Appendix
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX Clogrennane site, Ireland 07 APPENDIX SIGMAROC INVESTOR PRESENTATION 2026 25
Slide 26: Shareholder Information
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS 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
Slide 27: Optimised Transportation Logistics Essential
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX OPTIMISED TRANSPORTATION LOGISTICS ESSENTIAL Lime by boat 1,000km Lime by rail Lime is: 500km § Hazardous due to its high chemical reactivity Lime by lorry § Highly irritati
Slide 28: Recovery Tailwinds to Unlock Operational Leverage
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX RECOVERY TAILWINDS TO UNLOCK OPERATIONAL LEVERAGE INDUSTRY ENVIRONMENT CONSTRUCTION Group Revenue % 31% Group Revenue % 23% Group Revenue % 46% INDUSTRIAL PRODUCTION1 EU GDP
Slide 29: Diversification Across End-Markets & Regions Drives Stability Through Cycles
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX DIVERSIFICATION ACROSS END-MARKETS & REGIONS DRIVES STABILITY THROUGH CYCLES INDUSTRY CONSTRUCTION & ENGINEERING ENVIRONMENT & FOOD PULP & PAPER CHEMICALS STEEL CONSTRUCTION
Slide 30: Our CO2 Initiatives and Investments in Innovation in 2025
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS 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%
Slide 31: Contact
INTRO STRUCTURAL ADVANTAGE RESILIENT EARNINGS COMPOUNDING VALUE CREATION CAPITAL ALLOCATION RECAP / INVESTMENT THESIS APPENDIX 6 Heddon Street, London, W1B 4BT, United Kingdom +44 207 129 78 28 info@sigmaroc.com SIGMAROC INVESTOR PRESENTATION 2026 31