SigmaRoc: H1 margins improve as the group agrees the Dolomitas acquisition

SigmaRoc released half-year results and an acquisition announcement on 7 September 2026.

H1 performance

Underlying free cash flow rose 8.2% to £67m. Net debt, including leases, declined to £462.6m from £498.4m a year earlier, while covenant leverage fell to 1.66 times.

Core like-for-like volumes rose 1%; pricing and mix contributed to margin improvement. Full-year expectations remain unchanged, with cited consensus of £276m underlying EBITDA. Underlying and statutory profits differ because specified acquisition and other items are excluded. Results source.

Dolomitas transaction

SigmaRoc agreed to buy Lithuania's AB Dolomitas for €110m on a debt-free, cash-free basis, plus €8m for non-core assets.

The core price comprises €90m cash and €20m in shares, with 13,333,334 shares issued at 129p and subject to a 12-month lock-up. Total cash consideration, including the additional assets, is €98m, funded from existing resources.

Dolomitas reported €70m revenue and €18m EBITDA in 2025. It produces around 3.5 million tonnes annually, with an approximately 25-year reserve/resource life.

Completion is expected in Q4, subject to regulatory clearance. Management expects earnings enhancement from 2027; that is a forecast. The next test is integration and cash generation alongside the enlarged financing requirement. Acquisition source.