Siegfried Holding Ltd

Latest Results (04.04.2026):

Siegfried Holding Ltd — Full‑Year 2025 (annual results, not a quarterly report): Siegfried reported full‑year 2025 net sales of CHF 1,327.8 million (+2.6% in CHF; +4.3% at constant FX) with continued profitable growth driven by its EVOLVE+ strategy, improved margins and strong commercial momentum despite macro and currency headwinds.

Sales and segment performance

Net sales CHF 1,327.8m; Drug Substances CHF 916.3m (+4.3% local curr. / +2.7% CHF); Drug Products CHF 411.6m (+4.3% local / +2.2% CHF). Seasonality: 46.7% of sales H1, 53.3% H2.

Profitability and margins

Core gross profit CHF 354.0m (margin 26.7% vs 25.4% prior year). Core EBITDA CHF 312.3m (+9.3%; margin 23.5%); Core EBIT CHF 217.5m (+8.3%; margin 16.4%); Core net profit CHF 162.1m (margin 12.2%).

Cash flow, investment and balance sheet

Operating cash flow CHF 228.2m. Capital expenditure CHF 211.9m (16.0% of sales). Free cash flow slightly negative at CHF -3.1m (improved vs -11.6m in 2024). Cash CHF 103.1m; financial liabilities CHF 575.2m; net debt CHF 472.1m; net debt / core EBITDA 1.5x.

Capital return

Board will propose par value repayment of CHF 0.40 per share at the AGM (increase of CHF 0.02), reflecting strong performance.

Commercial momentum and portfolio

EVOLVE+ execution drove a 30% increase in RFPs and 31% more projects won. Over 90% of revenues from commercial‑phase products; top 10 products ≈ one third of revenues; customer mix ~60% small/mid‑cap, ~40% large pharma.

Strategic investments and capacity expansion

Ongoing targeted investments: sterile ophthalmics expansion (El Masnou), spray drying (Barberà del Vallès), fill‑finish (Hameln), product transfers to new Minden drug‑substance plant, and DINAMIQS viral‑vector facility in Schlieren.

Acquisition and outlook

January 2026 acquisition of small‑molecule drug substance capacity in the US and Australia to strengthen US footprint; new guidance including the acquisition will be given on closing. For 2026 (excl. acquisitions) group expects low‑single‑digit growth in local currencies; Drug Products high‑single‑digit, Drug Substances low‑single‑digit (prudently assumed due to pending customer confirmation). Siegfried targets core EBITDA margin above 23%.

Governance and leadership

Group to consolidate COO roles; Henrik Krüpper to step down as COO Drug Substances (effective 1 Mar 2026); Stefan Randl appointed ad interim COO Drug Substances in addition to CSO duties.