SIG Group (SIGN.CS): Updating Estimates Ahead of 2Q26

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SIG Group (SIGN.CS): Updating Estimates Ahead of 2Q26

Equity Research

24 June 2026 | 5:32PM BST

SIG Group (SIGNC.S): Updating Estimates Ahead of 2Q26

We update our estimates for SIG ahead of its 2Q26 results (4 August) and Gabriel Simoes

+44(20)7051-6922 |

incorporate the latest FX trends. gabriel.simoes@gs.com

Goldman Sachs International

We increase our 2Q26 Adj. EBITDA estimate by 4.6%, reflecting a more rapid Georgina Fraser, Ph.D.

+44(20)7552-5984 |

implementation of surcharges by the company alongside the continued delivery of georgina.fraser@gs.com

cost-outs initiated in 4Q25. We now see the company’s 2Q26 Adj. EBITDA margin

Thomas Wardexpanding +170bps sequentially to 24.1% (vs. 24.7% in 2Q25 and a touch below +44(20)7051-2527 |

Visible Alpha Consensus Data at 24.3%). On the topline, we lower our 2Q organic thomas.ward@gs.comGoldman Sachs International

growth assumptions for Europe, IMEA and APAC, reflecting further demand Marcus von Scheele

headwinds from the conflict in the Middle East within IMEA, while we raise our +44(20)7774-7676marcus.vonscheele@gs.com|

organic growth assumptions for the Americas, where we see volumes supported by Goldman Sachs International

demand from the World Cup. At the Group level, our organic growth forecasts for the

quarter sit -119bps below consensus, and we are 2.5% below on Adj. EBITDA. For

FY26, we forecast organic growth of 1.5% (vs. consensus at 1.3% and company

guidance of 0-2%) on an Adj. EBIT margin of 15.9%, vs. consensus at 15.4% and

company guidance of 15.7%-16.2%.

We are broadly in line with consensus Adj. EBITDA for FY26E and +2%/2% ahead

for FY27/28E. This is led by APAC and the Americas, where we see profitability

improving into 2027, underpinned by the company’s ongoing cost initiatives,