Siegfried Holding Ltd

Latest Results (15.05.2026):

Siegfried Holding Ltd — Full-year 2025 results (annual report, not a quarterly filing): Siegfried reported CHF 1,327.8m in net sales for 2025, with strong margin expansion and earnings quality—core EBITDA rose to CHF 312.3m (margin 23.5%), core EBIT CHF 217.5m and core net profit CHF 162.1m—while continuing to invest in capacity and announcing a strategic US/Australia drug-substance acquisition in January 2026.

Net sales

Net sales CHF 1,327.8m, +2.6% in CHF (+4.3% at constant FX). Drug Substances CHF 916.3m (+4.3% LCY) and Drug Products CHF 411.6m (+4.3% LCY). Stronger second-half weighting (53.3% of sales).

Profitability

Core EBITDA CHF 312.3m (+9.3%), margin 23.5% (prior 22.1%). Core gross profit CHF 354.0m (26.7% margin). Core EBIT CHF 217.5m (+8.3%); core net profit CHF 162.1m (12.2% margin).

Cash flow and investments

Operating cash flow CHF 228.2m. Capex CHF 211.9m (16.0% of sales). Free cash flow slightly negative CHF -3.1m (improved vs. CHF -11.6m in 2024).

Balance sheet

Cash CHF 103.1m; financial liabilities CHF 575.2m; net debt CHF 472.1m. Net debt / core EBITDA ~1.5x, indicating solid leverage headroom even after planned acquisition financing.

Strategic actions & M&A

Execution of EVOLVE+ continues: commercial wins (RFPs +30%, projects won +31%), capacity and technology upgrades across sites, and the January 2026 acquisition of small-molecule drug-substance capacity in the US and Australia to strengthen US footprint and capabilities.

Outlook for 2026 (excl. acquisition)

Group: low-single-digit growth in local currencies. Drug Products: high-single-digit LCY growth. Drug Substances: low-single-digit LCY growth assumed (conservative due to pending customer confirmation on one large product). Targeted core EBITDA margin: >23%. New guidance including the acquisition will follow on closing.

Shareholder return

Board to propose par value repayment of CHF 0.40 per share (increase of CHF 0.02) at the AGM on April 16, 2026, reflecting improved earnings and cash generation.

Key risk/uncertainty

Near-term Drug Substances visibility depends on final customer confirmation for one larger product—Siegfried has built conservative 2026 guidance around this uncertainty, which could materially affect near-term sales for that cluster.