Sika Ltd

Latest Results (12.03.2026):

Sika Ltd — results for Q2 and the first half (H1) of 2025: Net sales for H1 2025 were CHF 5,676.4 million (–2.7% in CHF), corresponding to +1.6% growth in local currencies. EBITDA was CHF 1,070.4 million (18.9% margin), EBIT CHF 798.1 million (14.1%), and net profit CHF 554.4 million (9.8%). EPS was CHF 3.45. The company reported an operating free cash flow of CHF 181.9 million and invested CHF 186.0 million in capex. A significant currency headwind (–4.3%, mainly a weaker US dollar) reduced reported CHF results; organic growth was +0.6%.

Key financials

H1 2025: Net sales CHF 5,676.4m; EBITDA CHF 1,070.4m (18.9%); EBIT CHF 798.1m (14.1%); Net profit CHF 554.4m (9.8%); Basic/diluted EPS CHF 3.45.

Growth and currency impact

Local-currency sales +1.6% (organic +0.6%). Reported sales declined –2.7% in CHF due to a –4.3% FX effect (notably a ~10% weaker USD vs CHF in Q2 2025).

Margins and profitability

Material margin stable at 55.1%. EBITDA margin improved to 18.9% (from 18.7% year‑ago) driven by stable input costs, efficiency gains and MBCC synergies.

Cash flow, capex and balance sheet

Operating free cash flow CHF 181.9m (vs CHF 401.3m prior year). Capex CHF 186.0m. Total assets CHF 15,393.3m; shareholders’ equity CHF 6,186.1m; equity ratio 40.2%.

Regional performance

EMEA: +1.9% in local currencies (some recovery); Americas: +3.5% LC (mixed US environment, Latin America strength); Asia/Pacific: –1.7% LC (China weakness offset by India/SE Asia).

M&A, investments and capacity

Sika completed four acquisitions in H1 2025 (Elmich, Cromar, HPS stake buyout, Gulf Additive Factory) and opened seven new plants. Strategic investments include a minority stake in Giatec (digital concrete tech).

Synergies and guidance

Sika raised MBCC synergy targets by CHF 20m (new targets: CHF 160–180m for 2025 and CHF 200–220m for 2026). For full-year 2025 the company expects a modest sales increase in local currencies and an over-proportional EBITDA rise, targeting an EBITDA margin of 19.5–19.8%.

Shareholder items and market data

Dividend payout in H1 2025: CHF 3.60 per share (CHF 1.80 dividend + CHF 1.80 repayment of reserves). Registered share price at 30 Jun 2025: CHF 215.40; market cap ~CHF 34,567m.