Sika (SIKA) Q2 2026 earnings summary

Executive summary

• Achieved CHF 5.59 billion in reported sales for H1 2026, with 4.0% local currency growth and organic growth of 2.9%, despite muted market conditions and currency headwinds.

• Material margin improved by 60 basis points to 55.7% year-over-year.

• EBITDA reached CHF 1,063 million, with margin up 10 basis points to 19.0%.

• Outperformance attributed to differentiation, customer trust, Fast Forward efficiency program, and innovation.

• Gained market share in all regions, with EMEA leading at 7.7% growth and Americas rebounding strongly in Q2.

Financial highlights

• Net sales: CHF 5,589.8 million, down 1.5% in CHF but up 4.0% in local currencies year-over-year.

• Organic growth reached 2.9% in H1, with acquisitions contributing an additional 1.1%.

• Material margin expanded to 55.7%; EBITDA margin rose to 19.0% with productivity gains offsetting cost increases.

• Net profit stood at CHF 552.1 million, representing 9.9% of net sales; EPS at CHF 3.43.

• Operating free cash flow was CHF 139.6 million, impacted by a one-off tax payment.

Outlook and guidance

• Full-year 2026 local currency sales growth guidance raised to 3–6%; EBITDA margin guided at 19.0–19.5%.

• Market conditions expected to remain muted in H2 2026; inflationary and FX cost pressures anticipated.

• Medium-term strategic targets for sustainable, profitable growth confirmed.

• Fast Forward program expected to deliver CHF 80 million in 2026 and up to CHF 200 million annual savings by 2028.

• Confident in delivering operating free cash flow above 10% of net sales for the year.