Sigmaroc Plc · LSE:SRC
Sigmaroc — FY2024 Earnings Presentation
41 slides from Sigmaroc's earnings presentation, Mar 17, 2025
Slide 1: FY24 Results Presentation
FY24 Results Presentation FULL YEAR RESULTS FOR THE YEAR ENDED 31 DEC. 2024 17 MARCH 2025 SIGMAROC ANNUAL RESULTS 2024
Slide 2: Agenda
AGENDA HIGHLIGHTS 01 Max Vermorken OPERATIONAL REVIEW 02 Max Vermorken Max Vermorken FINANCIALS 03 Jan Van Beek CEO STRATEGIC DELIVERY 04 Max Vermorken SUMMARY & OUTLOOK 05 Max Vermorken Jan van Beek 06 APPENDIX CFO SIGMAROC ANNUAL RESULTS 2024 2 Cover photograph: Limestone quarry Carrières du Haina
Slide 3: A transformational year
HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK APPENDIX A transformational year SIGMAROC ANNUAL RESULTS 2024 3
Slide 4: Operational & Strategic Highlights
HIGHLIGHTS HIGHLIGHTS Operational & Strategic Highlights OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK § Transformational lime and limestone acquisition fully integrated § Synergy delivery on track with €9m (£8m) realised in 2024 § Minimum sy
Slide 5: Financial Highlights
HIGHLIGHTS HIGHLIGHTS Financial Highlights OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK § EBITDA and EPS ahead of consensus1 § 240bps increase in EBITDA margin § Robust underlying cash flow § De-gearing on track § 8th consecutive year of EPS
Slide 6: 2024 Results
HIGHLIGHTS HIGHLIGHTS 2024 Results OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK REVENUE1 EBITDA1 EBITDA MARGIN1 ADJUSTED EPS1 £998m £225m 22.5% 8.35p -2% PF2 +2% PF2 +240bps +3% VOLUMES ROIC FCF CONVERSION LEVERAGE RATIO 24.3mt 11.5% 52.8% 2
Slide 7: Solid performance across regions
HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK APPENDIX Solid performance across regions SIGMAROC ANNUAL RESULTS 2024 7
Slide 8: Lime & Minerals Leadership Across European Regions
HIGHLIGHTS Lime & Minerals Leadership Across 4 European Regions OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK UK & Ireland No.1 in Sweden Western Europe No.1 in Norway No.1 in Finland Central Europe Nordics Site clusters No.1 in Belgium No.1 in Ireland No.2 in Germany No.1 in th
Slide 9: Diversified Portfolio and Geographic Penetration
HIGHLIGHTS Diversified Portfolio and Geographic Penetration OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK FY24 PROFORMA REVENUE SPLITS BY REGIONS BY SEGMENTS BY PRODUCTS 24% 10% 45% 20% 16% 73% UK & Ireland Western Europe Construction Environment Value-added High-grade products
Slide 10: Regional Performance
HIGHLIGHTS Regional Performance OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY High-grade minerals Aggregates and stone Value-added products SUMMARY & OUTLOOK UK & IRELAND WESTERN EUROPE CENTRAL EUROPE NORDICS Revenue1 £254m (+0%) Revenue1 £63m (-9%) Revenue1 £461m (-3%) Revenue1 £264m (+0%) EBITD
Slide 11: End Market Diversification Improves Post Lime Deal
HIGHLIGHTS End Market Diversification Improves Post Lime Deal OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK INDUSTRY ENVIRONMENT CONSTRUCTION Revenue1 £367m (-7%) Revenue1 £205m (-1%) Revenue1 £470m (+2%) Revenue % of the Group 35% Revenue % of the Group 20% Revenue % of the Gro
Slide 12: Sales Dominated by High-grade Minerals
HIGHLIGHTS Sales Dominated by High-grade Minerals OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK HIGH-GRADE MINERALS AGGREGATES AND STONE1 VALUE-ADDED PRODUCTS Revenue2 £763m (-1%)3 Revenue2 £115m (-2%)3 Revenue2 £164m (-5%)3 Revenue % of the Group 73% Revenue % of the Group 11%
Slide 13: ESG: Building a Better Business
HIGHLIGHTS HIGHLIGHTS ESG: Building a Better Business OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY NET ZERO SUMMARY & & OUTLOOK OUTLOOK SUMMARY ROADMAP EMISSION INTENSITY1 ENERGY INTENSITY INJURY FREQUENCY KEY MILESTONES 46% 10% 18% 2025 Reduction since YoY intensity YoY reduc
Slide 14: Increased scale and improvements across key areas
HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK Increased scale and improvements across APPENDIX key areas SIGMAROC ANNUAL RESULTS 2024 14
Slide 15: Strong Growth With Leverage Managed
HIGHLIGHTS HIGHLIGHTS Strong Growth With Leverage Managed OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK +330 bps +68% CAGR +75% CAGR +17% CAGR SIGMAROC ANNUAL RESULTS 2024 15
Slide 16: Lime Acquisition Drives Growth
HIGHLIGHTS HIGHLIGHTS Lime Acquisition Drives Growth OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK SIGMAROC ANNUAL RESULTS 2024 16
Slide 17: Income Statement
HIGHLIGHTS HIGHLIGHTS Income Statement OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY % of cost of sales SUMMARY & & OUTLOOK OUTLOOK SUMMARY Year ended Year ended FY24 FY23 31 Dec 2024 31 Dec 2023 2% Plant hire 1% CONTINUING & DISCONTINUED OPERATION
Slide 18: Robust Free Cash Flow Continues
HIGHLIGHTS HIGHLIGHTS Robust Free Cash Flow Continues OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY FCF Drivers SUMMARY & SUMMARY & OUTLOOK OUTLOOK 75% D&A § Monetisation of 7% reserves through 225 6 cost of sales debt § Limited working 53% (25) FC
Slide 19: Leverage Reducing Post Acquisitions
HIGHLIGHTS HIGHLIGHTS Leverage Reducing Post Acquisitions OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY 31 December 2023 1H 2024 (Pre Poland acquisition) 31 December 2024 SUMMARY & SUMMARY & OUTLOOK OUTLOOK 1.6x 2.6x 2.1x 196 0 98 (182) 30 £ millio
Slide 20: Financials Show Benefits of Increased Scale
HIGHLIGHTS HIGHLIGHTS Financials Show Benefits of Increased Scale… OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK → Operational improvement achieved EBITDA increased 92% to £225m with EBITDA margin up 240bps to 22
Slide 21: Disciplined Capital Allocation
HIGHLIGHTS HIGHLIGHTS Disciplined Capital Allocation… OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK Deleveraging on track Target leverage 1.5x to 2x adjusted EBITDA Capital investments Maintenance capex typically
Slide 22: Another year of progress
HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK Another year APPENDIX of progress SIGMAROC ANNUAL RESULTS 2024 22
Slide 23: SigmaRoc Today: The Next Chapter
HIGHLIGHTS HIGHLIGHTS SigmaRoc Today: The Next Chapter OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK Leading European lime business with strong asset backing #1 or #2 in 10 countries; 2.7 billion tonnes of minera
Slide 24: 33% Average Improvement on Acquired Businesses
HIGHLIGHTS HIGHLIGHTS 33% Average Improvement… OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK EBITDA IMPROVEMENT ON BUSINESSES ACQUIRED PRE CRH DEALS IMPROVEMENT DRIVEN BY: REVENUE GROWTH NEW GEOGRAPHIES IMPROVED
Slide 25: Synergies: Now Targeting Minimum €40m
HIGHLIGHTS HIGHLIGHTS Synergies: Now Targeting Minimum €40m OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK SYNERGIES OVERVIEW 2023-2024 SYNERGY EBITDA BRIDGE Min Min Min up to £8m £12.5m £17m £25m €60m 8 242 238 (
Slide 26: Delivery of Synergies
HIGHLIGHTS Delivery of Synergies… OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY COST SYNERGIES SUMMARY & OUTLOOK Restructuring Operational Network overlaps excellence optimisation e.g. Nordkalk / Bjorka Kiln / quarry basic Kiln ‘network’ Minerals efficiency efficiencies / closures TOPLINE GROWTH
Slide 27: Profitable Exits from Non-Core Portfolio
HIGHLIGHTS HIGHLIGHTS Profitable Exits from OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS Non-Core Portfolio STRATEGIC DELIVERY STRATEGIC SUMMARY & SUMMARY DELIVERY & OUTLOOK OUTLOOK JULY 2023 DECEMBER 2024 DIVESTMENTS STRATEGY £11m proceeds from 4 assets £40m for concrete plants ▸ Ong
Slide 28: Positive start to 2025
HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK APPENDIX Positive start to 2025 SIGMAROC ANNUAL RESULTS 2024 28
Slide 29: Cyclical and Structural Recovery
HIGHLIGHTS HIGHLIGHTS Cyclical and Structural Recovery… OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK ⎯ Interest rates declining GERMANY TOTAL ⎯ Upside from residential construction recovery INVESTMENT IN ⎯ Loose
Slide 30: Outlook: Positive Start to 2025
HIGHLIGHTS HIGHLIGHTS Outlook: Positive Start to 2025 OPERATIONAL REVIEW OPERATIONAL REVIEW FINANCIALS FINANCIALS STRATEGIC DELIVERY STRATEGIC DELIVERY SUMMARY & SUMMARY & OUTLOOK OUTLOOK ⎯ Transformational acquisition has created leading European lime and minerals platform ⎯ Synergy programme progr
Slide 31: Q&A
Q&A Civil CSU AAC engineering Mortar Cement Soil stabilization Steel Chemistry Sugar Water Flue gas Disinfection treatment treatment Glass Paper Paint Waste water Lake liming Fertilisation treatment SIGMAROC ANNUAL RESULTS 2024 31
Slide 32: Appendix
HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY SUMMARY & OUTLOOK HIGHLIGHTS OPERATIONAL REVIEW FINANCIALS STRATEGIC DELIVERY OUTLOOK & SUMMARY APPENDIX SIGMAROC ANNUAL RESULTS 2024 32
Slide 33: Shareholder Information
APPENDIX Shareholder Information TOP 10 SHAREHOLDERS (FEBRUARY 2025) % OF ISSUED SHARE CAPITAL REGION OF SHAREHOLDER (FEBRUARY 2025) FMR LLC 10.0% 10% 10% Europe ROW Capital Group 8.0% Conversant Capital 5.9% Invesco 4.4% 55% 32% UK North America BGF 4.1% Rettig 4.0% TOTAL SHARES IN ISSUE IN 1.1BN J
Slide 34: This is SigmaRoc
APPENDIX This is SigmaRoc One Two core c.70 high Six core ‘000s of mineral products efficiency kilns segments customers 2.7Bt Lime >3000 Environment Pulp & paper Across Europe reserves Limestone people Steel Construction Agriculture Chemicals SIGMAROC ANNUAL RESULTS 2024 34
Slide 35: Focused on Essential Materials
APPENDIX Focused on Essential Materials ESSENTIAL PART OF LIFE USED EVERYWHERE SMALL % OF PROD. COST DIVERSE END MARKETS Steel <2% 20% CaCo3 >300 Environment P&P <1% Highly versatile material due to its Chemicals <1% chemical properties essential applications 35% 45% Flue Gas <3% Industry Constructi
Slide 36: One Mineral Essential for Life
APPENDIX One Mineral Essential for Life INDUSTRY CONSTRUCTION & ENGINEERING ENVIRONMENT & FOOD Iron Phenates Soil treatment Contaminated land treatment Steel Salicylates Hydraulic road binders Shipping emissions Aluminium Fire extinguisher foam Tunnelling Battery making Cobalt Soap Aggregate improve
Slide 37: From Limestone to Lime: One Mineral Essential for Life
APPENDIX From Limestone to Lime: One Mineral Essential for Life LIMESTONE LIME Fodder FOOD Soil PH control Soil PH control Paper pulp Pulp Paper pulp PULP & PAPER Filling/coating Filling/coating Filling/coating STEEL Iron industry Steel prod. Steel prod. QUARRYING Drilling & Crushing / Secondary Cal
Slide 38: Megatrends Support Growth Outside Cycles
APPENDIX Megatrends Support Growth Outside Cycles High-rise Sustainable Electrification Growing Environmental Importance buildings production of the economy e-commerce protection in critical minerals 75% of the EU’s 55% reduction in Lithium battery European General government building stock is carbo
Slide 39: A Sustainable Track Record of Growth
APPENDIX A Sustainable Track Record of Growth SIGMAROC ANNUAL RESULTS 2024 39
Slide 40: Roadmap to Net-Zero
APPENDIX Roadmap to Net-Zero New ESG opportunities following the 3 deals • Increase of kiln network driving production and CO2 optimisation • Leverage R&D centres of excellence and IP across an 2025 • EU wide platform Increase in supply chain networks that can help reduce/utilise CO2 All concrete pr
Slide 41: Thank you!
Thank you! 6 Heddon Street, London, W1B 4BT, United Kingdom +44 207 129 78 28 info@sigmaroc.com 41