---
title: "Sika reports 4.0% local-currency revenue growth worldwide; upgrades full-year growth expectations."
sdDatePublished: "2026-07-28T11:23:00Z"
source: "https://www.sika.com/dms/getdocument.get/a5d29037-a8d8-4dcf-9791-ac0becfeff0e/glo-hyr-26-half-year-report.pdf"
topics:
  - name: "economy, business and finance"
    identifier: "medtop:04000000"
  - name: "economy"
    identifier: "medtop:20000344"
  - name: "construction and property"
    identifier: "medtop:20000235"
locations:
  - "Argentina"
  - "China"
  - "Germany"
  - "United States"
  - "Florida"
  - "Vietnam"
  - "Bangladesh"
  - "Turkey"
  - "Sweden"
  - "Canada"
  - "Belgium"
  - "Tanzania"
  - "New Jersey"
  - "India"
  - "Kyrgyzstan"
  - "Colombia"
---


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