Sibelco delivers another strong performance despite challenging conditions across many European markets

Highlights

Sibelco’s RIR figure (number of recordable injuries per million hours worked) was 2.50 at the mid-year point, compared to 2.00 for the same period last year. The company has taken initiatives to address this negative trend as the company remains firmly committed to its global health and safety strategy 
Revenue was EUR 1,078 million, up 2.0% against last year
EBITDA was up 26.5% to EUR 277 million. Volumes declined in Europe compared to a still upbeat first half of 2023.  Asia, South America and North America are all on a solid growth trajectory
Net Result was up 36.7% against 2023, at EUR 147 million
FOCF down mainly due to an increase in CAPEX (Spruce Pine expansion), the higher unwinding of prepayments and anticipated tax payments on HPQ prepayments
ROCE up substantially against last year, due to increased profitability and the impact of the share buy back in the capital employed
In June Sibelco completed the acquisition of Strategic Minerals Inc, North America’s largest glass recycler with 42 sites across the US, Canada and Mexico. The acquisition positions Sibelco as a key global player in glass recycling, having already established a leading position in Europe
Sibelco continued to progress well with its USD 200 million project to double installed capacity at its HPQ operation in Spruce Pine (USA)
Following a conditional voluntary public offering in February, Sibelco bought back 88.989 own shares, bringing total treasury shares to 26.44% of the total number of shares issued.  The buyback enabled the company to stabilise its longer-term shareholding whilst focusing on the ongoing delivery of its Sibelco 2025 strategy 
On July 17^th, Sibelco successfully issued a benchmark EUR 500 million six-year Eurobond

Commenting on the results, Sibelco CEO Hilmar Rode said: