Sika reports 4.0% local-currency revenue growth worldwide; upgrades full-year growth expectations.
Half-Year Report 2026
2026 Sika Half-Year Report sika.com/halfyear
CONTENT AT A GLANCE …………………………………………….. 3 Half-year results …………………………………………. 3 Sika Group key figures …………………………………. 4 Investor information ……………………………………. 5 LETTER TO STAKEHOLDERS ……………………….. 6 REGIONS ……………………………………………………. 8 The regions in brief ……………………………………… 10 INTERIM FINANCIAL STATEMENTS ……………. 11 Consolidated income statement …………………… 11 Consolidated statement of comprehensive income ……………………………………………………….. 12 Consolidated balance sheet ………………………….. 13 Consolidated statement of changes in equity … 14 Consolidated statement of cash flows …………… 15 NOTES TO THE INTERIM FINANCIAL STATEMENTS ……………………………………………. 16 Principles of consolidation and valuation ……….. 16 Supporting information to the interim financial statements ………………………………………………… 19 FINANCIAL CALENDAR ………………………………. 24 AT A GLANCE LETTER TO STAKEHOLDERS REGIONS INTERIM FINANCIAL STATEMENTS NOTES TO THE INTERIM FINANCIAL STATEMENTS FINANCIAL CALENDAR 2
AT A GLANCE HALF-YEAR RESULTS NET SALES IN LOCAL CURRENCIES UP BY +4.0% MATERIAL MARGIN MAINTAINED AT HIGH LEVEL 55.7% FIRST HALF-YEAR SALES IN CHF MN 5,589.8 INCREASE IN EBITDA MARGIN TO 19.0% OPERATING FREE CASH FLOW IN CHF MN 139.6 INVESTMENT IN 7 NEW PLANTS ≡ AT A GLANCE LETTER TO STAKEHOLDERS REGIONS INTERIM FINANCIAL STATEMENTS NOTES TO THE INTERIM FINANCIAL STATEMENTS FINANCIAL CALENDAR 3
SIKA GROUP KEY FIGURES in CHF mn 1/1/2025 – 6/30/2025 as % of net sales 1/1/2026 – 6/30/2026 as % of net sales Net sales 5,676.4 5,589.8 Gross result 3,129.1 55.1 3,115.3 55.7 Operating profit before depreciation (EBITDA) 1,070.4 18.9 1,063.0 19.0 Operating profit (EBIT) 798.1 14.1 796.1 14.2 Net profit 554.4 9.8 552.1 9.9 Operating free cash flow 181.9 3.2 139.6 2.5 Capital expenditures 186.0 3.3 192.4 3.4 Balance sheet total¹ 15,393.3 16,017.3 Shareholders’ equity¹ 6,186.1 6,817.2 Equity ratio in %¹˒² 40.2 42.6 Return on capital employed (ROCE) in %¹˒³ 13.5 12.0 Basic earnings per share (EPS) in CHF 3.45 3.44 Diluted earnings per share (EPS) in CHF 3.45 3.43 New patents 56 48 Acquisitions 4 1 Employees Number of employees¹ 34,564 33,856 1 As at June 30, 2025 / June 30, 2026. 2 Shareholders’ equity divided by balance sheet total. 3 Capital employed = current assets, PPE, intangible assets less cash and cash equivalents, current securities, current liabilities (excluding bank loans and bonds). ≡ AT A GLANCE LETTER TO STAKEHOLDERS REGIONS INTERIM FINANCIAL STATEMENTS NOTES TO THE INTERIM FINANCIAL STATEMENTS FINANCIAL CALENDAR 4
HALF-YEAR LOCAL CURRENCY GROWTH in CHF mn net sales H2 2024 H1 2025 H2 2025 H1 2026 -2.0% -1.0% —% 1.0% 2.0% 3.0% 4.0% 5.0% n organic n acquisition EBITDA in CHF mn in % of net sales 2023 2024 2025 2026 200 400 600 800 1,000 1,200 1,400 NET PROFIT in CHF mn in % of net sales 2023 2024 2025 2026 100 200 300 400 500 600 700 INVESTOR INFORMATION 6/30/2025 6/30/2026 Number of registered shares with a nominal value of CHF 0.01 160,479,293 160,479,293 Registered share price as of June 30 (CHF) 215.40 166.75 Market capitalization as of June 30 (CHF mn) 34,567 26,760 ≡ AT A GLANCE LETTER TO STAKEHOLDERS REGIONS INTERIM FINANCIAL STATEMENTS NOTES TO THE INTERIM FINANCIAL STATEMENTS FINANCIAL CALENDAR 5 +0.9% 16.5% 18.7% 18.9% 19.0% -0.7% 7.7% 9.9% 9.8% 9.9% -0.4% +1.7% +1.0% +0.6% +1.0% -1.5% +1.1% +2.9% +2.6% +1.6% -0.5% +4.0% 5,589.8 5,524.9 5,676.4 5,928.3
LETTER TO STAKEHOLDERS Sika delivers 4.0% local currency revenue growth and upgrades full-year growth expectations Dear Readers, In the first half of the year, Sika delivered 4.0% revenue growth in local currencies, with organic growth of 2.9%. In the second quarter, both local currency and organic growth accelerated compared to the first quarter, reaching 6.8% and 5.7%, respectively, with each region recording stronger revenue growth. Our year started strongly against a muted market and geopolitical uncertainty. We delivered improved momentum, with the second quarter building on our good start to the year. Our investments in industry-leading innovation, efficient global manufacturing and sourcing, and our digital transformation allowed us to continue to gain market share throughout the first half of the year. As a result of our accelerating leadership in strategically important growth segments such as infrastructure and data centers, we expect to continue outperforming the industry. INCREASED MATERIAL MARGIN – EBITDA MARGIN RISES TO 19.0% In the first half of 2026, Sika posted sales growth of 4.0% in local currencies and reported sales of CHF 5.59 billion (-1.5% in CHF, including a foreign currency effect of -5.5%). Sika grew its material margin to 55.7% (2025: 55.1%). The key factors behind this increase were a sustained focus on product innovation, procurement efficiency, and pricing. Half-year EBITDA amounted to CHF 1,063.0 million (2025: CHF 1,070.4 million), representing a margin of 19.0% (2025: 18.9%). Net profit in the reporting period amounted to CHF 552.1 million (2025: CHF 554.4 million). Operating free cash flow amounted to CHF 139.6 million (2025: CHF 181.9 million). GAINS IN MARKET SHARE ACROSS ALL REGIONS Sika accelerated local currency growth in the EMEA region (Europe, Middle East, Africa) to 7.7% (2025: 1.9%) in the first half of the year. Eastern Europe in particular recorded strong growth. Germany showed an improved second quarter performance. After a dip in March, the Middle East showed significant momentum in the second quarter and achieved strong double-digit growth, driven by infrastructure ≡ AT A GLANCE LETTER TO STAKEHOLDERS REGIONS INTERIM FINANCIAL STATEMENTS NOTES TO THE INTERIM FINANCIAL STATEMENTS FINANCIAL CALENDAR 6 THIERRY F. J. VANLANCKER Chair of the Board THOMAS HASLER CEO
investment projects. Across the EMEA region, Sika’s agile and resilient supply chain has proven to be a structural advantage – deepening existing customer partnerships and accelerating new wins. Sales in local currencies in the Americas region increased by 2.9% (2025: 3.5%). After a slow start to the year, regional performance improved in the second quarter. Infrastructure investments remained at a solid level in the first half of the year. Sika delivered strong growth across new and refurbishment infrastructure projects. Sika’s growing leadership in data center projects drove another period of double-digit growth in this high-performing category. In Canada, Sika delivered strong growth through the first half of the year. Performance was mixed in Latin America, with modest growth overall. Sales in local currencies in the Asia/Pacific region over the first half of the year decreased slightly by -2.0% (2025: -1.7%). The Chinese construction industry declined by a double-digit percentage, driven by continued weakness in residential construction. Excluding the Chinese construction business, Asia/Pacific posted good organic growth of 7.7%. Growth was strong across most of the region, with India and Southeast Asia being standouts. IMPLEMENTATION OF FAST FORWARD ON TRACK The implementation of Fast Forward is on track. The company has made targeted structural adjustments in China and introduced efficiency-enhancing measures in other markets. With Fast Forward, Sika is accelerating digital transformation, improving customer service, strengthening its supply chains, driving operational efficiency, and delivering on its ambition to become the digital market leader in the industry. The initiatives under Fast Forward have enabled Sika to handle recent supply chain volatility and fluctuating raw material costs effectively, thereby deepening its relationships with customers. Sika expects to save around CHF 80 million in the 2026 financial year. The total annual savings of CHF 150 to 200 million will take full effect from 2028. ACQUISITIONS AND INVESTMENTS In the first half of the year, Sika concluded the acquisition of the leading Swedish mortar manufacturer Finja, strengthening its presence in northern Europe and expanding its cross-selling opportunities across the Nordics. Sika also announced the acquisition of Akkim in the first half of the year, a leading global manufacturer of adhesives and sealants based in Turkey with annual net sales of around CHF 220 million. The closing of the acquisition is expected in the third quarter of 2026. In the first half of the year, Sika made targeted investments to expand production capacity in growth regions. New plants were opened in Bangladesh (concrete admixtures and mortar), Tanzania (concrete admixtures and mortars for East Africa), Belgium (new plant and technology center for concrete admixtures), Argentina (dry mortar), Colombia (mortar, tile adhesives, and coatings), and the USA, specifically in Florida (concrete admixtures) and New Jersey (mortar). The new highly efficient plant in Florida features the highest level of automation among all Sika admixture plants in the country. In New Jersey, Sika expanded its production capacity in the northeast region, enabling it to supply construction projects locally in major metropolitan areas with high-performance products. With its new plant and technology center for concrete admixtures in Ham, Belgium, Sika is expanding its production and innovation capacity in Europe. Sika also established a new national subsidiary in Kyrgyzstan during the first half of the year, reinforcing its presence in Central Asia. Sika’s global network now comprises 103 national subsidiaries. SIKA ACHIEVES RECORD EMPLOYEE ENGAGEMENT SCORE OF 88, SURPASSING STRATEGIC TARGET We are proud of the outstanding results of our Global Employee Survey. The engagement score of 88 index points reflects the exceptional motivation and commitment of our employees worldwide. In the first half of the year, our teams once again contributed to our strong results through their dedication and customer focus. Their engagement is the driving force behind Sika’s success. EBITDA MARGIN ROSE TO 19.0% OUTLOOK After a strong first half of the year, Sika is raising its sales growth expectations for 2026 to between 3% and 6% in local currencies. For 2026, Sika expects the global market to remain muted. For the year as a whole, Sika expects to achieve an EBITDA margin of 19.0% to 19.5%, and is comfortable with current consensus CHF EBITDA expectations. The measures taken as part of Fast Forward to increase productivity, accelerate innovation, and digitalize the entire value chain are strengthening Sika’s leading market position and delivering measurable top- and bottom-line results. Sika is confirming its medium-term strategic targets for sustainable and profitable growth as part of Strategy 2028. Sincerely, THIERRY F. J. VANLANCKER THOMAS HASLER Chair of the Board
CEO ≡ AT A GLANCE LETTER TO STAKEHOLDERS REGIONS INTERIM FINANCIAL STATEMENTS NOTES TO THE INTERIM FINANCIAL STATEMENTS FINANCIAL CALENDAR 7
REGIONS Sales growth and market share gains across all regions Sika delivered strong sales growth and gained market share across all regions in the first half of 2026 despite geopolitical uncertainty and a muted market backdrop. The company continued to benefit from its focus on delivering value-adding solutions across its diversified portfolio, broad geographic footprint, and strong local presence. Region EMEA Macroeconomic conditions across EMEA rema