DAVY VIEW

SigmaRoc (SRC) has once again demonstrated the resilience of its business model, delivering a solid set of H1 results underpinned by core volume growth, pricing discipline and margin expansion. Management has reiterated confidence in delivering FY26 consensus expectations and, despite a mixed end-market backdrop, highlighted encouraging trends across a number of key areas. Given SRC’s strong track record, ongoing synergy delivery and significant M&A firepower, we believe the group remains well positioned to deliver further progress this year. At 121p/share and c.7x FY26 EV/EBITDA, we continue to view current levels as an attractive entry point into a scaled pan-European lime and limestone platform.